The 2nd Circuit has rebuffed an attempt by fired National Finance Corporation workers to hold Bear Stearns liable for not giving them advance written notice of their impending terminations. The court said that workers must show that a creditor was "responsible for operating the business as a going concern" rather than acting only "'to protect [its] security interest' and 'preserve the business asset for liquidation or sale.'" An attorney for Bear Stearns said the decision should "give comfort" to lenders.
September 05, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal appeals court has rebuffed an attempt by fired National Finance Corporation workers to hold Bear Stearns liable for not giving them advance written notice of their impending terminations.
In Coppola v. Bear Stearns, 05-6440-cv, the 2nd U.S. Circuit Court of Appeals said creditors may exercise “very substantial” control in an effort to stabilize a debtor without incurring liability.
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