M&S, along with co-counsel, represented current and former mortgage loan officers and account executives employed in California by Bank of America between October 1, 2003 and February 10, 2010. The plaintiffs alleged that Bank of America’s policies and practices denied lawful compensation to their mortgage loan officers by failing to reimburse them for legitimate business expenses and taking inappropriate deductions out of their pay.
The expenses that Bank of American failed to reimburse included travel expenses such as gas and mileage; communications expenses such as cell phone and internet usage and the printing of promotional materials; networking expenses such as meal and entertainment costs; and home office expenses.
These employees also faced pay deductions. They included closing costs, underage charges, uncollected/waived fee charges, misquote and rate lock failure charges, and curtailment charges, none of which the employee should have been held financially responsible for.
In September 2010 the Court approved a settlement in this case that provided over $8 million in financial relief to the settlement class.