Qimonda Strikes $35M Deal In WARN Act Suit

Law360, New York (August 3, 2011, 5:36 PM EDT) -- Qimonda Richmond LLC on Monday reached a $35 million settlement in a Worker Adjustment and Retraining Notification Act class action in Delaware that accused the defunct chip maker of failing to pay former employees severance when it shut down in February 2009.

The parties sought court approval of the settlement, under which Qimonda will create a common fund consisting of an $8 million priority claim and general unsecured claims of $10 million and $17 million against Qimonda and its North American unit, respectively.

The litigation “would...
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