On December 9, 2008, Plaintiff, Anthony Thompson, filed a lawsuit against Defendants, World Alliance Financial Corp. (a.k.a. Vertical Lend Inc. and Mortgage Warehouse) seeking to recover unpaid overtime compensation on behalf of all loan officers who ever worked more than 40 hours during any given week. The lawsuit charges that World Alliance Financial Corp. violated federal law by deliberately failing to keep accurate time records and failing to pay wages earned as required by the Fair Labor Standards Act (“FLSA”).

Plaintiff alleges that hundreds of inside loan officers working for World Alliance Financial Corp. across the country were victimized by World Alliance Financial Corp.’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 World Alliance Financial Corp. in the United States from December 9, 2005 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 as required by the Act. Rather, Defendant paid its loan officers primarily on a commission only basis. Plaintiffs allege that they often worked overtime hours in excess of 40 per week selling residential loans and that World Alliance Financial Corp. failed to record the time worked by its loan officers.

“We are seeking to recover unpaid minimum wages, overtime and other damages suffered by our clients as a result of Defendant’s common scheme to violate wage and hour laws by failing to keep accurate records, paying less than the requisite minimum hourly wage and failing to pay time and one half for all hours worked over 40 per week,” stated Ryan Stephan, one of the attorneys for the Plaintiffs.

If you worked for World Alliance Financial Corp., Vertical Lend Inc. or Mortgage Warehouse as a loan officer and would like to join this case, please download, complete, sign and return the attached Opt-In Consent Form to our offices via email, facsimile or U.S. mail at your earliest convenience. If you want more information on your rights, please fill out this contact form or 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