JPMorgan Bankers Reach $16M Overtime Class Action Settlement

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Business bankers employed by JPMorgan Chase & Co. have reached a $16 million class action settlement agreement with the bank over its failure to pay overtime, according to documents filed in New York federal court on March 25.

The JPMorgan overtime class action lawsuit, originally filed in November 2011, claimed Chase violated the Fair Labor Standards Act and New York and New Jersey law by failing to pay the employees who filed the class action, as well as other business bankers at Chase branches proper overtime compensation.

Lead plaintiffs Kevin Royer, Kris Henry and Mikhail Lerman represented 30 opt-in plaintiffs, and the parties have been in talks over a possible class action settlement since early 2013. Documents indicate the Chase overtime class action settlement agreement was reached in December.

The proposed JPMorgan overtime class action settlement covers all individuals employed by Chase in any of 22 states during the covered period. For the New York class members, the covered period is Nov. 14, 2005, to April 1, 2013; for New Jersey, the period is Nov. 14, 2009, to April 1, 2013; and for all other states, the period is Aug. 16, 2010, to April 1, 2013.

Chase business bankers who worked in states other than California and the states included in the class from Aug. 10, 2010, to April 1, 2013, are eligible to participate in the class action settlement as FLSA collective members.

Under the settlement’s terms, funds will be distributed to eligible JPMorgan bankers who submit valid claim forms, and the distribution will be based on the number of weeks worked as a business banker at a Chase branch. Class Members who didn’t sign arbitration agreements with Chase will receive an allocation of 86 percent of the class action settlement fund, while Class Members who signed an arbitration agreement with the bank containing a class waiver will be allocated the remaining 14 percent.

Chase countered the overtime class action lawsuit claims by asserting that the business bankers were subject to one or more overtime exemptions, according to court documents.

The plaintiffs are represented by D. Maimon Kirschenbaum and Denise A. Schulman of Joseph & Kirschenbaum LLP; David Harrison of Harrison Harrison & Associates Ltd.; and Richard J. Burch of Bruckner Birch PLLC.

The JPMorgan Chase Overtime Class Action Lawsuit is Kevin Royer et al. v. JP Morgan Chase & Co. et al., Case No. 1:11-cv-08205, in the U.S. District Court for the Southern District of New York.

If you were denied overtime pay, meal and rest breaks, minimum wages, or suffered some other wage and hour violation by your employer, you can join a free class action lawsuit investigation and pursue compensation for these violations. Submit your information now and learn more at our Merchant ZIP Code Collection Class Action Lawsuit Investigation.