Nicholas DeSimone, et al. v. TIAA Bank, FSB, f/k/a Everbank Financial Corp.
United States District Court for the Southern District of New York
Docket No: 1:20-cv-06492
Counsel: Justin Swidler, Robert Soloff (of Robert D. Soloff, P.A. in Plantation, Florida), Marc Silverman (of Frank Weinberg & Black, P.L. in Plantation, Florida), Carley Meredith (of Meredith Malatino, LLC in Hackensack, NJ)
On August 14, 2020, Nicholas DeSimone and 3 other mortgage loan officers of TIAA filed a putative class and collective action asserting that TIAA violated the Fair Labor Standards Act (“FLSA”) and several different state laws, by failing to pay all overtime and minimum wage due under the law. You can read the Complaint, which provides the full allegation made by the loan officers, below. The RLOs assert that TIAA denied them and all other Retail Loan Officers (“RLOs”) wages, including overtime, as a result of paying RLOs only commissions, which failed to provide overtime pay.
On November 29, 2022, Plaintiffs filed a motion for preliminary approval of a class/collective settlement. Pursuant to the terms of the Settlement, TIAA will pay $8.5 million to resolve the claims made in this action. A copy of the proposed settlement agreement is below.
On April 4, 2023, the Court preliminarily approved the Settlement and scheduled the Final Fairness Hearing for August 1, 2023. A copy of the preliminary approval order is available below.
Provided the Court grants final approval, we expect payments to be made later this year.
Please contact us if you have any questions of concerns. You may also email Class Counsel at the email addresses indicated above.