Mortgage Lenders' $2.7M WARN Pact Draws Objection

Law360, New York (June 25, 2009, 12:00 AM EDT) -- The Connecticut commissioner of labor has objected to a $2.7 million settlement agreement between Mortgage Lenders Network USA, its official committee of unsecured creditors and plaintiffs with class action Worker Adjustment and Retraining Notification Act claims, saying that the payout would impact unrelated wage claims.

The Connecticut labor commissioner has a $576,749.25 Class 1 priority claim for wages owed to Mortgage Lenders Network’s employees, according to the objection, which was filed Thursday in the U.S. Bankruptcy Court for the District of Delaware.

The settlement agreement provides...
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