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Solyndra Agrees To Employee Layoff Settlement

Posted on in Bankruptcy

Reuters reported a story about solar panel maker Solyndra agreeing to pay $3.5 million to settle accusations that it did not notify employees properly about layoffs. Solyndra has been in the news for their bankruptcy because they received millions of dollars in U.S. government loans before filing for bankruptcy.

Solyndra agreed to settle a week after it filed its Chapter 11 reorganization plan. The settlement papers outlining the pact were filed in U.S. Bankruptcy Court in Wilmington, Delaware, on August 10. The bankruptcy case is being overseen by Judge Mary Walrath.

California-based Solyndra laid off about 850 of its 960 employees just before filing for bankruptcy in 2011. Employees said they should have received at least 60 days' notice and sued the company.

They were asking for $15 million for lost wages and benefits. The lawyer for the employees said he thinks the settlement is favorable.

Before the settlement the Solyndra bankruptcy has been written about, regarding their $535 million loan from the U.S. Department of Energy in September 2009. A lot of the media attention has also been due to political stands. Republicans have criticized the Obama administration for how they have given loans to Solyndra and green energy. Obama has said Solyndra is an example of how green energy can provide jobs.

Your bankruptcy will probably not include $500 million government loans or $15 million settlements with employees, but it is still a matter to take seriously. You should not face bankruptcy alone, but get experienced legal help to guarantee the best outcome in your case. Contact a skilled Cook County bankruptcy attorney today.

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