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MF Global ABBEY SPANIER, LLP IS INVESTIGATING MF GLOBAL'S MASS TERMINATION OF OVER 1,000 EMPLOYEES Friday, November 11, 2011 - MF Global stated that it was firing all of its broker-dealer employees effective immediately. The terminated employees will not receive any severance and their health care benefits will expire at the end of this month. MF Global’s sudden, mass termination may have violated the Worker Adjustment and Retraining Notification Act (the “WARN Act”). Under the WARN Act, employees must receive advance written notice before mass terminations. The WARN Act offers protection to workers by requiring employers to provide notice 60 days in advance of covered plant closings and covered mass layoffs. In general, employers are covered by the WARN Act if they have 100 or more employees. An employer who violates the WARN Act is liable to each aggrieved employee for an amount including back pay and benefits for the period of violation, up to 60 days. Although MF Global filed for protection under the Bankruptcy laws (which generally stay claims against a company), MF Global may still be liable to its employees for its violation of the WARN Act under certain circumstances. |