Meridian Bank Failed to Pay Loan Officers Proper Wages, Suit Says

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Meridian Bank, its vice president of residential lending, and its president are facing a proposed class and collective action alleging violations of state and federal labor laws. The plaintiffs in the case claim they were employed by the defendants as loan officers and were not paid proper wages. The defendants allegedly paid their employees on a commission-only basis and classified them as exempt from overtime pay, even though they did not perform “work directly related to the management or Defendant’s general business operations, were not primarily responsible for the exercise of discretion and independent judgment with respect to matters of significance…and regularly and customarily performed their primary duty from inside an office.” According to the complaint, the plaintiffs often worked more than 40 hours per week without receiving proper time-and-a-half overtime and worked some weeks in which they were not paid the full minimum wage.