ShareThis Page

PNC to pay $16M to settle overtime lawsuit

| Tuesday, April 11, 2017, 12:30 p.m.
A PNC Bank ATM machine in Downtown Pittsburgh.

PNC has agreed to pay $16 million to settle a federal overtime lawsuit filed by current and former mortgage loan officers, according to court documents.

U.S. District Judge Arthur Schwab approved the class-action settlement Tuesday.

The settlement covers 3,431 people who worked for the bank nationwide since Aug. 7, 2012. It also covers mortgage loan officers who worked for PNC in California since Aug. 7, 2011, and in New York since April 4, 2011, according to court documents.

Attorneys for the plaintiffs couldn't be reached for comment. PNC declined to comment.

The plaintiffs claimed the company discouraged them from reporting overtime and improperly calculated their pay when they turned in overtime. PNC denies liability in the settlement but agreed to issue a new overtime policy for mortgage loan officers, according to court documents.

The attorneys will collect about $5.5 million in fees and legal costs from the $16 million, according to the settlement agreement. The 21 people who actively pursued the case and a companion lawsuit as named plaintiffs will receive $10,000 each.

The rest of the money, minus administrator fees, will be divided among the mortgage loan officers based primarily on the number of weeks they worked for the bank, according to court documents.

Brian Bowling is a Tribune-Review staff writer. Reach him at bbowling@tribweb.com.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.