Flagstar Bank Update – Parties Seek Court Approval of Settlement

On May 8, 2015, the Parties (Flagstar and the mortgage underwriters who have joined the case) asked the Court to approve a settlement reached earlier this year. The settlement calls for Flagstar to pay $895,000 to resolve claims for unpaid overtime brought by 55 mortgage underwriters. If the Court approves the agreement, funds will be distributed to the workers in the Fall of 2015.