Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 protection in the biggest bankruptcy filing ever on Monday, putting its 25,000 employees worldwide on the unemployment lines or waiting for a selloff to another company. Chapter 11 bankruptcy filing allows a company to restructure its
Chapter 11
WARN Act’s Faltering Company Exception Clarified
By Michael Moore on
Posted in Employer Liability
Businesses face increasing uncertainty over the availability of financing because of the economic downturn and tightening of credit markets. Financially troubled businesses may need to curtail operations through a plant closing or mass layoff if additional financing is not received. Employers need to manage compliance with the Worker Adjustment and Retraining Notification Act (WARN) as their…