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Where to start??????
How can you have a requirement to give 2 to 3 months notice before letting go of a mass amount of people. If a company cannot survive due to money problems what else can they do? A lawsuit like this just pushes them over the edge.
I like it! An attorney files suit against an attorney firm with no money! A win-win situation!
Sorry Scott, but although I can appreciate the irony, that you lay bare, the suit is an attempt to collect via the D&O insurance of the firm. Anyone on this board know who it is? Zurich, Chubb, AIG?
Is no one who was a partner responsible for underfunding, or does the taxpayer just pick it all up with no recourse?
They got caught in a mess between 2005-2008. They brought in tons of big name attorneys and promised them huge contracts – to pay for it they took out lots of corporate debt which was easy to pay when the fee income way high. However when crap hit the fan in 2008 they lost a ton of business, the fees dried up and they could no longer service the debt or pay the employees.
As long as they were paying the pension benefit premiums they are covered…thank you tax payer!
But, but, the economy is improving…is it not? No one could have seen this coming!
Let’s get real. Many NY law firms are under major financial stress as their costs remain high, yet their client list dwindles. There are simply too many firms out there & this is just the beginning.
I have quality firms that continue to work for my insured’s, & they are happy to get the work, at rates that have not increased since 2007.
sounds like the WARN Act to me. States you have to give 60 days. If the company is truly broke though good luck getting any money. Sad
The CEO, CFO , Management Committee and all partners should be held personally responsible. Their bank accounts should be accessible for employee law suits and the pension guaranteed to their former employees NOT the government. It is about time that white collar crime is treated as a crime, which it is. Why should these greedy people walk away with millions and go on like nothing happened?
Just once can the people responsible be held accountable.
I cant understand how the brightests graduates of Harvard, Yale, Columbia, Penn, Michigan, Virginia, NYU law schools could screw up a firm like this. These lawyers were in the top of their classes at law school, now they’ll be in bankruptcy court and the pedigreed retired partners will be without pensions
I’m not sure if anyone knows the answer to this, but does New York have a requirement of any kind of notice for non-mass layoffs? What would her arguement be if she was the only one being laid off and there was no requirement of notice? Either way, I don’t think I would want to waste that much of my time with a company that is going under and may be a very time consuming process and potentially end up with nothing.