Accord reached in overtime case
From Times Wire Services
Former employees of New Century Financial Corp. have agreed to settle a lawsuit claiming the mortgage lender, which has filed for bankruptcy protection, forced them to work overtime without pay.
The accord will provide at least $550,000 to ex-loan officers and other employees who said New Century, once the second-biggest sub-prime mortgage lender in the U.S., violated wage-and-hour laws by denying overtime pay, according to a filing in U.S. Bankruptcy Court in Wilmington, Del.
