Banks Settle WARN Act Class Action Over Firings

Law360, New York (November 13, 2007, 12:00 AM EST) -- Seven banks have settled a class action lawsuit filed by a former Ajax Magnethermic Corp. worker after an appeals court found the lenders were potentially liable as employers for not giving the workers appropriate notice before terminating them.

Judge Peter C. Economus of the Northern District of Ohio granted preliminary approval last week of the $190,000 settlement between Michael E. Smith and seven banks, including Credit Suisse, BNP Paribas and PB Capital Corp. Economus also certified a class of about 55 members, which would make the...
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