WARN Class OK'd For Mortgage Lenders Settlement

Law360, New York (May 14, 2009, 12:00 AM EDT) -- A federal judge has certified a settlement class and given the initial green light for a deal to end an adversary proceeding brought by terminated employees of bankrupt subprime lender Mortgage Lenders Network USA.

On Wednesday, U.S. Bankruptcy Judge Peter J. Walsh of the District of Delaware preliminarily approved a settlement of the suit brought by workers claiming they were terminated without fair warning.

Judge Walsh certified the class for settlement purposes, reasoning that “it would be cost-prohibitive for the vast majority of class members to...
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