Bank of America unit will pay $36 million to settle appraiser class action

Bank of America Corp’s appraisal unit, Landsafe Appraisal Services, Inc. has agreed to pay $36 million to settle a class action alleging it misclassified residential real estate appraisers as exempt from getting paid overtime. According to Plaintiffs’ attorneys, each of the 365 class members will recover about $100,000 gross.

Plaintiffs claimed that Bank of America forced them to work on weekends, nights, and holidays without paying overtime wages, did not provide rest and meal periods to Plaintiffs, and did not provide itemized wage statements in violation of California law. Instead, Bank of America paid the appraisers on commission, according to documents filed in the case.

Bank of America did not admit to any liability but agreed to settle the class action to avoid further litigation. The case had been pending since April 2013 in California federal court.

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