DETROIT – A federal jury in Detroit says Quicken Loans doesn’t owe overtime to more than 300 former mortgage brokers who claimed their jobs amounted to sales for the online mortgage giant.
The Thursday verdict means jurors were convinced sales was not the brokers’ primary job when they made calls and tried to get people to agree to loans between 2002 and 2006.
Quicken argued an administrative exemption for certain financial industry employees applied to the brokers. Company attorneys compared the workers to other white-collar professionals who don’t get overtime.
Millions of dollars potentially were at stake because plaintiffs sought overtime on top of salary and commissions already received.
Quicken founder Dan Gilbert calls the verdict a “total victory.”
Plaintiffs’ attorney Don Nichols says he’ll press ahead with other lawsuits against Quicken.
