UPDATE 4/05/2010
On December 17, 2009, the court approved a final settlement valued at $5.5 million dollars for approximately 1400 employees of First Magnus Financial Corporation. Outten & Golden filed suit on behalf of former First Magnus employees in the U.S. Bankruptcy Court for the District of Arizona seeking to recover 60 days wages and benefits. We contend First Magnus violated the Worker Adjustment and Retraining Notification Act (the WARN Act) when terminating its employees on or about August 16, 2007. Outten & Golden has been actively litigating against both First Magnus Financial Corp. and First Magnus Capital, Inc., in their respective bankruptcy proceedings in Tucson and Phoenix, and in the United States Court of Appeals for the Ninth Circuit. If you worked at one of the qualifying locations, see chart below, you may be eligible and should have received notice of the settlement by first class mail. If you have changed your mailing address over the past two years, please call or email us your current mailing address immediately. Our contact information is below.
LIST OF QUALIFYING LOCATIONS
| Address 1 | Address 2 | City | State | Zip Code |
|---|---|---|---|---|
| 3600 N Capital of Texas Hwy | Bldg B Ste 100 Suite 370 Suite 350 |
Austin | TX | 78746 |
| 3701 E. Grand Avenue | Suite E | Gurnee | IL | 60031 |
| One Tower Lane | Suite 2325 | Oakbrook Terrace |
IL | 60181 |
| 5255 E. Williams Circle | Suite 1025 Suite 3200 Suite 3300 |
Tucson | AZ | 85711 |
| 603 N. Wilmot Rd | Tucson | AZ | 85711 | |
| 550 West Cypress Creek Rd | Suite 400 | Fort Lauderdale | FL | 33309 |
| 17015 N. Scottsdale Rd | Suite 325 Suite 340 Suite 210 |
Scottsdale | AZ | 85255 |
| 2290 Lucien Way | Suite 300 | Maitland | FL | 32751 |
| 535 North Wilmot Rd | Suite 201 | Tucson | AZ | 85711 |
| 13430 N. Scottsdale Rd | SUITE 202 | Scottsdale | AZ | 85254 |
| 7077 E. Marilyn Rd | Building 3 | Scottsdale | AZ | 85254 |
| 14635 N. Kierland Blvd | STE 100 | Scottsdale | AZ | 85254 |
The initial distribution, of $2.6 million, was mailed to the class on January 20, 2010. Class members will have Six Months from the date of issuance of the settlement checks to deposit or negotiate their checks or risk reversion of the funds to the estate.
Further distributions are contingent on recoveries by the FMFC Litigation Trustee from his litigation against the insiders. We do not yet have an estimate on the timing of further distributions, but do not expect any to be made prior to December 2010. To contact us regarding this matter, please call 1-877 4-OUTTEN and ask for René Roupinian or email her.
Change of address and/or telephone
To update your address and telephone number, please contact us at:
OUTTEN & GOLDEN LLP
3 Park Avenue, 29th Floor
New York, New York 10016
Toll Free 1-877-4-OUTTEN
Telephone: 212-245-1000
Facsimile: 212-977-4005
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