Burnett v. Finance of America Mortgage LLC

CourtDistrict Court, D. Colorado
DecidedFebruary 24, 2025
Docket1:23-cv-02381
StatusUnknown

This text of Burnett v. Finance of America Mortgage LLC (Burnett v. Finance of America Mortgage LLC) is published on Counsel Stack Legal Research, covering District Court, D. Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Burnett v. Finance of America Mortgage LLC, (D. Colo. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO Judge Robert E. Blackburn Civil Action No. 23-cv-02381-REB-STV MARK BURNETT, Plaintiff, v. FINANCE OF AMERICA MORTGAGE, LLC, and GRAHAM FLEMING Defendant. ORDER RE: DEFENDANTS’ MOTION FOR SUMMARY JUDGMENT

Blackburn, J. The matter before me is Defendants’ Motion for Summary Judgment [#40],1 filed October 31, 2024. I grant the motion in part and deny it in part. I. JURISDICTION I have jurisdiction over this matter under both 28 U.S.C. § 1332 (diversity of citizenship). II. STANDARD OF REVIEW

Summary judgment is proper when there is no genuine dispute as to any material fact and the movant is entitled to judgment as a matter of law. FED. R. CIV. P. 56(a); Celotex Corp. v. Catrett, 477 U.S. 317, 322, 106 S.Ct. 2548, 2552, 91 L.Ed.2d 265 (1986). A dispute is “genuine” if the issue could be resolved in favor of either

1 “[#40]” is an example of the convention I use to identify the docket number assigned to a specific paper by the court’s case management and electronic case filing system (CM/ECF). I use this party. Matsushita Electric Industrial Co., Ltd. v. Zenith Radio Corp., 475 U.S. 574, 586, 106 S.Ct. 1348, 1356, 89 L.Ed.2d 538 (1986); Farthing v. City of Shawnee, 39 F.3d 1131, 1135 (10th Cir. 1994). A fact is “material” if it might reasonably affect the

outcome of the case. Anderson v. Liberty Lobby, Inc., 477 U.S. 242, 248, 106 S.Ct. 2505, 2510, 91 L.Ed.2d 202 (1986); Farthing, 39 F.3d at 1134. A party who does not have the burden of proof at trial must show the absence of a genuine factual dispute. Concrete Works, Inc. v. City & County of Denver, 36 F.3d 1513, 1517 (10th Cir. 1994), cert. denied, 115 S.Ct. 1315 (1995). Once the motion has been properly supported, the burden shifts to the nonmovant to show, by tendering depositions, affidavits, and other competent evidence, that summary judgment is not proper. Concrete Works, 36 F.3d at 1518. All the evidence must be

viewed in the light most favorable to the party opposing the motion. Simms v. Oklahoma ex rel. Department of Mental Health and Substance Abuse Services, 165 F.3d 1321, 1326 (10th Cir.), cert. denied, 120 S.Ct. 53 (1999). III. ANALYSIS Plaintiff Mark Burnett was employed by defendant Finance of America Mortgage, LLC (“FOAM”), a forward mortgage lending company, from 2010 until December 15, 2022. From 2017 until the time his employment with FOAM ended, Mr. Burnett was a

branch manager for the company. His branch covered two “cost centers” comprised of three Colorado offices in the Denver Tech Center/Englewood, Colorado Springs, and Pueblo.

2 During the period of time relevant to this lawsuit, Mr. Burnett’s compensation was paid according to the terms of a Branch Manager Non-Producing Compensation Agreement.2 (Motion App., Exh. 4.) In addition to specifying the terms of Mr. Burnett’s

base compensation, the agreement set forth the conditions under which Mr. Burnett would be entitled to various types of variable compensation, including relevantly for purposes of this lawsuit, bonuses: Discretionary Bonus. The Company may, from time to time, award Employee with a Discretionary Bonus based on Employee’s overall contributions to the Company, or for greatly exceeding expectations regarding productivity. Discretionary Bonuses may be awarded for the following preapproved reasons: 1) exceeding volume expectations, 2) retention, 3) incentives to join the Company (“Sign-On Bonus”), and 4) assisting with a corporate initiative. These bonuses, if any, are awarded at the sole discretion of the Company, and in amounts set at the sole discretion of [FOAM]. (Id., Exh. 4 ¶ 5.2 at 3.) In September 2022, FOAM began discussions with Guaranteed Rate regarding the sale of FOAM’s assets to Guaranteed Rate, and on September 15, the parties executed a non-binding term sheet. (Id., Exh. 1 at 11, 22.) The following day, Mr. Burnett requested a discretionary bonus of $875,000. (See id., Exh. 6.)3 The requested bonus was more than three times Mr. Burnett’s annual base salary of $250,000 (id., Exh. 4A) and significantly larger than any bonus he requested in the 2 A “non-producing branch manager” is one who does not originate mortgage loans and thus does not earn commissions. (Motion App., Exh. 2 at 19.) 3 Although FOAM maintains Mr. Burnett’s bonus request was motivated by rumors of the sale (see Motion ¶ 23 at 7), he denied as much in his deposition, stating only that rumors of a sale had circulated on and off for years (see Motion App., Exh. 2 at 47). 3 past (id., Exh. 2 at 61).4 Nevertheless, Mr. Burnett believed he was entitled to this bonus based on the status of his general ledger, the success and profitability of his branches over the years, and his substantial contributions to the success of FOAM, including taking on business, recruiting, and training for other branches. (See id., Exh.

2 at 61-63; Resp. App., Exh. 15 ¶ 8 at 2, Exh. 17 ¶¶ 4-5 at 1-2.) Apparently, Mr. Burnett’s supervisors agreed with his assessment, as his bonus request was marked approved that same day by his direct supervisor, Craig Davis, and two days later by Michael Farr, FOAM’s president of retail lending and national regional sales director.5 (See Motion App., Exh. 6; Resp. App., Exh. 15 ¶¶ 3 & 6 at 1.) The parties dispute whether Mr. Burnett’s request was approved once Mr. Davis and Mr. Farr executed their approvals. FOAM insists bonus requests were subject to review by

FOAM’s corporate leadership prior to final approval, relying on the deposition testimony of their Rule 30(b)(6) corporate representative, Michael Lord, FOAM’s Chief Financial Officer. (Motion App., Exh. 3 at 83-85.)6 By contrast, Mr. Davis, on behalf of Mr. 4 Contrary to FOAM’s suggestion (see Reply Br. at 9), the size of the bonus actually lends support to Mr. Burnett’s arguments that it constituted “wages” within the meaning of the Colorado Wage Claim Act. See Rohr v. Ted Neiters Motor Co., 758 P.2d 186, 188 (Colo. App. 1988). Cf. Long v. OmniTRAX, Inc., 2014 Colo. Dist. LEXIS 3576 at *10 (Colo. Dist. Ct., Denver Cty., March 17, 2014) (drawing negative inference from fact that bonus was not “disproportionately large” in relation to employee’s base salary, citing Rohr). 5 These were Mr. Farr’s titles as understood by Mr. Davis, as set forth in his declaration. By contrast, FOAM has attested that Mr. Farr was “President and Senior Vice President” of FOAM. (Resp. App., Exh. 21 ¶ 10 at 7.) 6 In FOAM’s description of these steps, the words “process” (Motion ¶ 12 at 5) and “detailed plan” (see Reply ¶ 52 at 3) are doing a lot of work, at least to the extent they are based on Mr. Lord’s testimony, which was tentative on this question, at best. (See Motion App., Exh. 3 at 84 (“If it would have gotten denied by -- for some reason there would have been a communication back to whoever submitted it, but in most cases I'm sure it would have came from the compensation team[.]”); id., Exh. 3 at 84-85 (“[B]ecause if it was denied, somebody would have had to give the information back to the branch manager letting him know he's not getting paid.

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