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First Republic pays $1 million in overtime case

SAN FRANCISCO (AP) -- Labor Department officials say San Francisco-based First Republic Bank has paid a little more than $1 million in back wages to settle an overtime case involving hundreds of workers in five states.

The department announced Tuesday that as a result of the payment, 392 First Republic workers in California, Connecticut, Massachusetts, New York and Oregon will receive back pay.

The payment of $1,009,643 in overtime back wages comes after Labor Department officials say the bank wrongly classified the employees as exempt from receiving 1.5 times their hourly wage after working 40 hours in a week.

The department says First Republic also short-changed some employees when calculating overtime payments and also violated record-keeping and overtime provisions of the Fair Labor Standards Act.

First Republic spokesman Greg Berardi said the bank has "addressed the issue and has fully compensated its employees."