; and (B) issue a release form to each affected employee of such employer that describes the settlement terms, which shall include a written explanation of— (i) the waiver under paragraph (2)(B); and (ii) the right of the affected employee receiving the offer for settlement to decline the offer for settlement and preserve any private right of action of the employee to recover any unpaid minimum wages or overtime compensation owed to the employee under the Fair Labor Standards Act of 1938 as a result of such violations. (2) Acceptance of settlement (A) In general An affected employee offered a settlement through a release form under paragraph (1)(B) may accept or decline the offer. (B) Waiver of private right of action The acceptance by an affected employee of an offer of settlement under subparagraph (A) shall, upon payment in full of any amounts owed to the employee under the settlement, constitute a waiver by such employee of any right such employee may have under section 16 of the Fair Labor Standards Act of 1938 ( 29 U.S.C. 216 ) to a private right of action to recover unpaid minimum wages or overtime compensation, including any liquidated damages, for the violations addressed by the settlement. (3) Payment of settlement For each affected employee that accepts a settlement through a release form under paragraph (1)(B), the employer shall— (A) pay such employee the full amount of unpaid minimum wages or overtime compensation owed to such employee under the Fair Labor Standards Act of 1938 ( 29 U.S.C. 201 et seq. ) for the violations addressed in the settlement; and (B) submit proof of payment of such full amount to the Administrator. (e) Additional requirements (1) Denials In the case of an application submitted by an employer under subsection (b)(2) and not approved under subsection (c)(2), the Administrator may not— (A) use information submitted in the application in an investigation against the employer