Wage Law

E-Loan Inc. has agreed to pay up to $13.6 million to settle a wage and hour class action brought on behalf of more than mortgage loan consultants in its Pleasanton and Dublin, California offices. Mousai v. E-Loan, Inc. (N.D. Cal, Case #3:06-cv-01993-SI). involved claims for back pay, penalties and other remedies for unpaid overtime, and meal and rest break violations. Employees who worked during a period from December 2001 through June 2006 are eligible to participate in the settlement. The average award, after attorney's fees (25%) and costs are deducted, is nearly $20,000. The lead plaintiff will receive an extra payment of $20,000, and 42 class members who joined the suit in 2006 will received an extra payment of $1,000 each. U.S. District Judge Susan Illston granted preliminary approval of the settlement on January 12, 2007. It is still subject to a final approval hearing in May 2007. Claims forms are scheduled to be mailed to eligible class members on February 12, 2007.

E-Loan, Inc. claims a mutual victory for the company and its workers. "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," said Rosemarie Carbone, vice president of people and leadership.