Shamootin, Fisher, Garofolo and Martin v Residential Finance Corporation
Loan Officers Sue Residential Finance Corporation
Four loan officers filed a class action under Florida's new Minimum Wage Amendment to the Constitution on September 27, 2005. The lawsuit alleges unpaid minimum wages and a collective action against Residential Finance Corporation, and its two principal officers Michael Isaacs and David Stein, for failure to pay minimum wage and overtime compensation. "This may be the first class action filed under Florida's new minimum wage constitutional provision" states one of the Florida attorneys representing plaintiffs.
Plaintiffs seek to have their claims certified as a class action under Florida's minimum wage law and as a collective action under the Fair Labor Standards Act ("FLSA.") In order to participate in the FLSA lawsuit, loan officers, who worked for Residential Finance during the past three years must file a FLSA consent to join form, which may be obtained from plaintiffs' counsel.
An attorney who represents the loan officers states "The financial services industry continues to ignore the fact that loan officers who perform inside sales and are paid solely on a commission basis are entitled to minimum wage and overtime compensation for hours worked over forty. These loan officers will also be able to recover liquidated damages and attorneys' fees and costs."
