FGMC’s Closure and Former Employees Pursue $1.75M Settlement for WARN Act Suit

Former employees of the now defunct FGMC (First Guaranty Mortgage Corporation) are seeking resolution in a WARN Act lawsuit, urging a Delaware bankruptcy judge to settle the case for $1.75 million. The legal action has been initiated by employees who claim the company failed to provide proper notice of their terminations or severance pay in accordance with the Worker Adjustment and Retraining Notification Act. While FGMC declared bankruptcy and ceased operations, the former employees are now seeking compensation for their abrupt job losses.

Key points:

– Former employees of FGMC are requesting settlement in a WARN Act lawsuit.
– The lawsuit aims to resolve claims related to lack of proper notice and severance pay.
– The defunct FGMC declared bankruptcy and closed down, leading to sudden job losses for the employees.

You can read this full article at: https://www.housingwire.com/articles/defunct-fgmc-former-employees-seek-1-75m-settlement-on-warn-act-suit/(subscription required)

Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.