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Written by Jamie Simpson, LawServer Attorney-Editor
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Last Updated November 5, 2008 |
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Miron Berenshteyn, a former employee of Lehman Brothers Holding, Inc., has filed a $5 million class-action suit, awaiting approval, on behalf of himself and 1,000 other former employees of the bank, reports The AP. The laid-off employees were let go on September 9, 2008, and attorneys for the plaintiffs claim that Lehman violated the Worker Adjustment and Retraining Act. Under the Act, employers must give a 60 day notice prior to firing employees. The plaintiffs allege that they were notified that they would receive the 60 days' worth of pay, but did not need to report to work. Prior to the end of the 60- day period, Lehman filed Chapter 11 bankruptcy and stopped payment to the former workers. Estimates conclude that as many as 1,000 employees may eventually be included in the class-action. The suit calls for 60 days of pay and benefits in addition to severance pay equal to one week's wages for each year the employee worked for Lehman. Claims could exceed the $5 million mark. Lehman is currently subject to three grand jury investigations unrelated to this case. Prior to the largest bankruptcy filing in U.S. history, Lehman was considered the 4th largest investment bank in the country.
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