Our firm, along with co-counsel Erik H. Langeland, P.C., represent current and former loan officers employed by Somerset Mortgage Bankers, Somerset Investors Corp., and/or Somerset Mortgage Lenders (“Somerset”) seeking to recover unpaid minimum wage and overtime compensation. The lawsuit charges that Somerset violated federal and state laws by failing to keep accurate time records and failing to pay minimum and overtime wages earned as required by the Fair Labor Standards Act (“FLSA”) and New York Wage and Hour Laws.

Plaintiff alleges that hundreds of inside loan officers working for Somerset in New York were victimized by Somerset’s unlawful practices and are eligible to join this lawsuit. Plaintiff brings this action on behalf of himself and all other loan officers employed by Somerset in New York from June 1, 2006 to the present.

Under the FLSA, employees are entitled to wages for all hours worked and time-and-a-half pay for each hour over 40 hours worked in a workweek, unless they are exempt from the Act. These laws also require employers to maintain accurate records of hours actually worked by its employees.

In this case, Plaintiffs allege that loan officers were not exempt from the FLSA because they were not paid a guaranteed salary during their entire employment as required by the Act. Rather, Somerset paid its loan officers primarily on a commission only basis for the majority of their employment. Plaintiffs allege that they often worked in excess of 40 hours per week selling residential loans without proper minimum wage and overtime compensation, and that Somerset also failed to record the time worked by its loan officers.

If you are currently employed or have been employed in the past six years by Somerset as a loan officer and would like more information concerning your legal rights, please feel free to contact an attorney at:

Stephan Zouras, LLP
Tel. 312-233-1550
Fax 312-233-1560


or

Erik H. Langeland, P.C.
Tel. 212-354-6270
Fax. 212-898-9086