Court will consider extra pay for mortgage brokers
WASHINGTON (AP) — The Supreme Court has agreed to hear an appeal from former mortgage brokers for Quicken Loans who claim the online mortgage giant owes them overtime pay for their work in the last decade.
The justices said Monday they will review a lower court ruling in favor of Quicken. The case will be argued in the fall.
The case turns on rules put in place by the Department of Labor that would make the mortgage brokers eligible for overtime pay under federal labor law. The rules were changed twice in a four-year period that spanned the Bush and Obama administrations.
In 2006, the Labor Department said the mortgage brokers were like executives and thus not covered by the overtime provision. In 2010, the department reversed itself.