Cornish and Dell'Olio, P.C. has filed an action in the United States District Court for the District of Colorado seeking overtime compensation for a former underwriter employed by Academy Mortgage Corporation, a mortgage lender.

In December, 2009 the federal Court of Appeals for the Second Circuit in Davis v. J.P. Morgan Chase & Co. held that underwriters were not exempt employees under the federal Fair Labor Standards Act. The United States Supreme Court denied review in May, 2010. The Davis case has been followed by other federal courts making it persuasive authority that underwriters are nonexempt employees who must be paid time and a half for overtime work.

Academy Mortgage Corporation is a national mortgage lender employing underwriters under substantially similar conditions as the underwriters employed by J.P.Morgan Chase.

It is the opinion of Cornish and Dell'Olio, P.C. that mortgage underwriters who worked for Academy Mortgage Corporation and were employed under conditions similar to those of the underwriters in the Davis case have a right to be paid overtime compensation at one and one half time their regular rate of pay for all overtime hours worked.

Employees and former employees of Academy Mortgage Corporation should not settle overtime claims against Academy Mortgage without legal advice.

Cornish and Dell'Olio, P.C. is available to advise underwriters concerning overtime claims.

Other issues in the case. Academy Mortgage Corporation offered departing employees a form of Severance Agreement and Release purporting to release all claims against Academy Mortgage Corporation. It is the opinion of Cornish and Dell’Olio, P.C. that the Severance Agreement and Release are not effective to bar claims for overtime compensation.

Current and former employees of Academy Mortgage Corporation who worked as underwriters and worked more than 40 hours a week who performed unpaid overtime work after June, 2008 should contact:

Donna Dell'Olio
ddellolio@cornishanddellolio.com
719 475 1204

All inquiries by underwriters made for the purpose of obtaining legal advice from Cornish and Dell'Olio, P.C. are confidential and privileged under Colorado law and federal law.

IMPORTANT NOTICE

There is a two year statute of limitations for non willful overtime claims and a three year statute of limitations for willful overtime claims. It is important for current and former underwriters to obtain legal advice promptly.

Non retaliation. It is illegal under federal law for an employer to retaliate against an employee who makes a claim for overtime compensation. Current employees are protected from retaliation by their employer if they claim overtime.