E-Loan to Pay Mortgage Workers $13.6 million in Overtime Wages

Five hundred and six hungry, over-worked loan consultants in California might just haul in enough coin, thanks to a class action lawsuit against E-Loan Inc., to never go hungry again.  For at least a week or so.

E-Loan has agreed to pay out $13.6 million as part of a settlement reached on January 11.  The suit claimed that the company did not pay overtime or provide the workers with meal and rest breaks. The employees sold loans, prequalified borrowers and processed applications.

According to the East Bay Business Times, plaintiffs are asking that the lead plaintiff, Behzad Mousai of Brentwood, receive a payment of $20,000, and for 42 class members signed up with the suit before November 2006 to get an additional $1,000 each. Lawyer fees would be 25 percent of the total settlement.

"While we strongly dispute the claims made in the action, we are pleased that a resolution was reached which most benefits our employees whom we truly value," Rosemarie Carbone, vice president of people and leadership at E-Loan Inc, said in a prepared statement.