Financial and Legal Services

Tens of thousands of financial services employees have been helped by Outten & Golden's WARN Act attorneys. The cataclysmic mortgage sector's collapse and lingering effects of the Great Recession of 2008, resulted in many employees losing their jobs without sufficient notice. The industry is still changing, with new regulations and the emergence of technologies that threaten more disruption to the traditional ways of doing business.

Outten & Golden LLP helps hard-working financial services employees across the country who lose their jobs as part of mass layoffs or shut downs when their employers fail to give 60 days' notice before carrying out those layoffs or shut downs. Under the WARN Act, an employer who fails to provide such notice may be liable for up to 60 days' pay and benefits to each affected employee. Some states, such as New York, New Jersey, and California, have stricter state law requirements that can result in additional penalties for employers who violate the law.

Holding Finance, Mortgage Companies and Law Firms Accountable

Disruptions in the financial world are often accompanied by companies filing for bankruptcy, which leaves employees without an income. Numerous financial services companies have closed their doors leading to WARN Act suits filed by Outten & Golden in the last ten years, including MF Global Holdings, Ltd., Lehman Brothers, Taylor Bean & Whitaker, Delta Financial, First Magnus Financial Corporation, American Home Mortgage Holdings, Inc., First NLC Financial Services, Homebanc, and LendAmerica. Outten & Golden has advocating aggressively on their behalf to hold employers accountable when they have illegally terminated employees.

Outten & Golden also has advocated on behalf of let go in the implosion of major law firms, such as Dewey LeBoeuf and Howrey.

How We Can Help

If you are part of a layoff affecting at least 50 employees who work at, report to, are based out of, or receive assignments from a single site of employment such as a central office, your employer may be required to give 60 days' written notice to you and your co-workers prior to the layoff. Many employees in the financial services industry work remotely. If your employer decides to carry out a mass layoff, you may still be entitled to WARN Act notice.

In cases where the employer files for bankruptcy and lays off employees, the timing of events can have a significant impact on what employees may be able to recover. A bankrupt company usually lacks the means to pay all its creditors in full. In such cases, you may want to consult with the experienced attorneys at Outten & Golden to discuss the best way to pursue legal remedies. In some cases, Outten & Golden will bring a lawsuit against a non-bankrupt parent company to obtain recover for laid-off employees. While not every case will have the same outcome, Outten & Golden can discuss your situation to help you during this difficult period.

Contact Us

If you have lost your job as part of a layoff involving at least 50 employees, please contact us to schedule a free telephone consultation with an experienced lawyer.