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| A Missouri-based mortgage company has been sued by former loan originators in three states who claim they are owed unpaid wages and overtime.
The lawsuit was filed against American Equity Mortgage in the U.S. District Court for the District of Minnesota, according to the law firm of Nichols Kaster & Anderson PLLP. Plaintiffs include former loan officers in Minnesota, Michigan, and Nevada. “American Equity Mortgage violated the federal Fair Labor Standards Act by misclassifying its loan officers as exempt from overtime pay,” Nichols Kaster alleges. Arneson et al v. American Equity Mortgage Inc., et al, is a nationwide putative collective action, according to the statement. The plaintiffs are seeking unpaid wages and overtime. But the St. Louis-based mortgage company, which reported 2004 production of $2.4 billion, is careful to comply with all federal and state employment laws, Chief Operating Officer Eric Meadow said in an e-mail statement to MortgageDaily.com. “American Equity Mortgage has a long history of providing its loan officers with an outstanding opportunity and work environment,” Meadow said. “We are confident as they are brought to light, the facts surrounding these named plaintiffs’ employment with American Equity Mortgage will support our position.” |
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