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MF Global Employees Sue Over Firings
November 14, 2011
MF Global Holdings is being sued by former employees who said workers were not given proper notice before the Nov. 11 firing of all 1,066 at its broker-dealer unit.
The lawsuit filed with the U.S. bankruptcy court in Manhattan said MF Global failed to provide 60 days written notice of the terminations, as required under federal and New York state labor law.
It seeks class-action status on behalf of all affected workers, and to ensure payment of unpaid wages and bonuses, commissions and other benefits as MF Global works through the bankruptcy process.
A spokeswoman for James Giddens, the trustee liquidating the MF Global Inc broker-dealer unit, had no immediate comment. Giddens had announced the firings on Friday.
The named plaintiffs are Pierre-Yvan Desparois, a former vice president in credit risk management at MF Global's New York office; and Todd Thielmann, a floor broker who worked in its Chicago office.
The lawsuit is Thielmann et al v. MF Global Finance USA Inc. [reuters 11/14/11]

