“BoA Subsidiary to Pony Up $36 Million To Settle Appraisers’ Overtime Lawsuit”
Bloomberg BNA, Daily Labor Report, August 27, 2015
By Chris Offer
A Bank of America Corp. subsidiary has pledged to pay $36 million to settle an overtime lawsuit by current and former real estate appraisers, the law firm representing the workers announced Aug. 26 (Boyd v. Bank of America Corp., C.D. Cal., No. 13- 00561, settlement announced 8/26/15).
The settlement would resolve overtime claims by 367 residential real estate appraisers alleging that LandSafe Inc. wrongly classified them as exempt from the Fair Labor Standards Act’s overtime requirement. The workers, who were paid a salary and appraisal-based performance incentives, said they often logged long hours on the job without additional compensation.
”We’re thrilled to be able to provide such meaningful relief to this nationwide class,” Bryan Schwartz of Bryan Schwartz Law, P.C. Offices, who represented the workers, told Bloomberg BNA Aug. 26. The settlement money will be divided among the appraisers based on their individual circumstances, and accounting for charges and fees.
The U.S. District Court of the Central District of California ruled in May that the appraisers should have been eligible for time-and-a-half wages for time worked beyond the FLSA’s 40 hours per week threshold (92 DLR A-3, 5/13/15). Judge David O. Carter found that the appraisers didn’t fall under the law’s exemptions for administrative workers, professional employees or highly compensated executives.
The court is expected to rule on the appraisers’ request to approve the settlement agreement sometime next month. LandSafe in 2014 agreed to pay $5.8 million to settle similar claims by a separate group of employees (124 DLR A-2, 6/27/14).
Appraisers to Be Reclassified. LandSafe didn’t admit any wrongdoing under the terms of the proposed settlement. It agreed, however, to reclassify its residential appraisers as FLSA nonexempt.
Christopher A. Killens of McGuireWoods, who represented the company, didn’t immediately respond to Bloomberg BNA’s request for comment.
Class members will have 60 days following the notice of the settlement to opt out of the agreement. LandSafe consented as part of the agreement not to oppose an attorneys’ fees award of up to $12 million.
Schwartz told Bloomberg BNA that Bank of America is currently looking to sell LandSafe. He said whoever purchases the company will be expected to properly classify appraisers and other workers.
To contact the reporter on this story:
Chris Opfer in Washington
To contact the editor responsible for this story:
Susan J. McGolrick at
Reproduced with permission from Daily Labor Report, 165 DLR A-1, (Aug. 26, 2015). Copyright 2015 by The Bureau of National Affairs, Inc. (800-372-1033) (800-372-1033) www.bna.comPress-Bloomberg-BNA-08-27-15-BofA-Settlement
Bryan Schwartz and team are stellar professionals. I worked really closely with Renato Flores. He was patient and showed a lot of care and rigor in explaining the ins and out to me and the practical advice he shared was outstanding. Bryan is well connected…
Exceptional people, powerful advocates, tough negotiators. Bryan Schwartz and senior associate Jane Mackie truly care about fairness and justice. Their hard work, attention to detail, and the time and responsiveness they devoted to all my questions let me know in a hundred ways that they…
I cannot say enough GREAT things about Bryan Schwartz Law, P.C. -- and in particular, former paralegal Devin Stuzin. I was recently part of a large class-action settlement -- one the firm tenaciously pursued for a whopping 17 years before getting a record settlement on…
Best people they took my case right a way and fought and win my case best lawyers in bay-area love you all
I was a member of the Doering Meyer class action lawsuit versus the State Department. Bryan Schwartz is a very tenacious and outstanding attorney. When this law firm first contacted me about the case, I was skeptical about their ability to win a case against…
Bryan Schwartz Law, P.C., is a leading employment rights law firm in the United States with a global reach. His is a legal practice of conscientiousness and virtue. Labor law protects a most fundamental right of citizenship and civic engagement. Worker rights are human rights.…
A great team, who kept me informed every step of the way along a many year path to winning a successful class action case.
The staff at this firm are very professional, responsive, friendly, and effective. They persevere for years to get results. I highly recommend them.
Amazing experience with communication and handling of this massive case; I appreciate the help and resolution.
I had a great experience with the firm. They represented me and others in a case that lasted for several years, yet I always knew who to contact and they were always responsive and professional, even as more junior team members transitioned over the years.…
Submit an inquiry to have Bryan Schwartz Law, P.C. evaluate your situation.
*Your submission of an intake request form does not guarantee that Bryan Schwartz Law, P.C. will take your case or provide legal advice. You must be offered and sign a representation agreement with the firm before you will receive any legal advice.
How did we do?
Note: Your review may be shared publicly.