Appeals Court Says NJ WARN Act Applies To Parent Cos.

Law360, New York (June 15, 2011, 6:46 PM EDT) -- A New Jersey state appeals court ruled Tuesday that the state's WARN Act applied to parent and affiliated companies, reviving a putative class action brought by axed employees of Accredited Home Lenders Inc. against the fund that acquired the subprime lender's assets.

The decision reinstates a proposed class action against Lone Star Fund V, which acquired Accredited Home Lenders through its affiliates, and Hudson Advisors LLC, which manages assets acquired by Lone Star's funds, over the abrupt shuttering of Accredited Home Lenders' Woodcliff Lake, N.J., office....
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