One of the largest banks in the U.S. has settled an employee time lawsuit relating to unpaid overtime, according to California-based news publication, Lake Forest-Lake Bluff Patch. The suit affects nearly 350 people working as property appraisers for the bank.

The plaintiff's complaint alleges the bank purposely classified workers as administrative employees, making them exempt from receiving overtime payments under the Fair Labor Standards Act. The FLSA outlines guidelines for its administrative exemption, which states that employees must have job responsibilities that are not considered manual labor. These positions must be conducted in an office setting and cannot require the worker to utilize personal discretion or judgment when making decisions that affect the business.

The complaint states that appraisers were not allowed to make their own assessments of what a property was actually worth and utilized proprietary bank formulas to determine its value.

The website writes the bank settled the suit for $5.8 million and those involved in the litigation will receive approximately $10,000 each in monetary damages. However, despite the decision to settle, the bank still denies any and all liability in the case, despite feeling the settlement amount was fair.

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