MF Global Trustees Deny Layoffs Stepped On WARN Act

Law360, New York (September 12, 2012, 7:49 PM EDT) -- Trustees for MF Global Holdings Ltd. and its broker-dealer argued in New York bankruptcy court Wednesday that the companies' mass layoffs did not run afoul of the Worker Adjustment and Retraining Notification Act and that two putative class actions alleging so should be dismissed.

Counsel for Louis J. Freeh, the trustee for MFGH, and James W. Giddens, the Securities Investor Protection Corp.-appointed  trustee overseeing the liquidation of broker-dealer unit MF Global Inc., contend that due to the companies' liquidation status, the parent was free to conduct...
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