Summit Partners Settles Sudden-Termination Claims

Law360, New York (December 7, 2011, 7:37 PM EST) -- Private equity firm Summit Partners LP has reached a $275,000 settlement with a class of former employees who claimed they were wrongly terminated without notice when the firm's affiliate was forced into bankruptcy in February, according to court documents filed Wednesday.

The parties filed a joint motion for an order approving the proposed settlement class and allowing the distribution of $3,000 to the named plaintiff and $272,000 to class members and attorneys.

While counsel for the parties continue to disagree as to whether Summit was responsible...
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