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Solyndra Agrees to Pay $3.5 Million Settlement to Laid-Off Employees

About 1,100 employees said they lost their jobs last August when the solar company shut down without warning.

Bankrupt solar company Solyndra has agreed to pay a $3.5 million settlement in a claim that it failed to notify employees of its last August, according to media reports.

About 1,100 employees lost their jobs without warning on Aug. 31, 2011, just days before the company filed for bankruptcy on Sept. 6. Employees sued the company that same day, asking for two months of wages and benefits.

Bloomberg reports that the settlement — proposed jointly by the solar manufacturer and its former employees — will resolve complaints that Solyndra failed to give a 60-day notice to employees, which is required under the Worker Adjustment and Retraining Notification Act.

In its settlement papers, Solyndra, which received a $535 million federal loan from the Obama administration, said the claims were “fair and well within the range of reasonableness,” according to Bloomberg.

Solyndra would have faced up to $15 million in damages, along with attorney fees, if the employees were successful in their claim, Bloomberg reports. In court papers, the solar company listed more than $850 million in assets and more than $860 million in debt.

The settlement must be approved in federal court, with the first of two hearings to be heard early next month.

Visit Bloomberg for the full report.

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Barney Google August 15, 2012 at 12:52 PM
Where does the money come from?
Geoff Burton August 15, 2012 at 04:15 PM
That is the very question I asked myself.
Daniel August 15, 2012 at 06:16 PM
Barney - From you and me of course.
Paul Brewer August 15, 2012 at 08:12 PM
DUHHHHHHHHHHHHHHHHHH..........gotta mirror in your house ?????
Zolla August 16, 2012 at 02:45 AM
Our tax dollars hard at work.
Edward August 16, 2012 at 05:04 AM
And the managment was registered Republicans and the loans were first asked of their Republican President Bush. The private investors included the Waltons (R) of Wal-Mart and the Kaizer Family (D). The loan was approved under President Obama, from funds set aside by the DOE before President Obama was president yet they blame him for the company failure when both parties are equally to blame for giving these "Republicans", who would cheat their employees, the Money. Even the IBEW ( International Brotherhood of Electrical workers) would not try to organize within the Solyndra plants because they could tell the venture was doomed and the Union would get the blame by the Republicans. This place had no Union and was the Republican Managments undoing so they blame the President take the "heat " off theselves and a "Failed Trickle down policy" of the GOP..
John August 16, 2012 at 05:47 AM
Edward your misguided they did begin trying to get a loan when bush was in office but bush TURNED THEM DOWN and closed the book on them saying they were a high risk....then soon after obama was elected he reopened the case because of Kaiser family foundation (d) which had several meetings in the white house...then suddenly they were stamped good to go...eventhough all the reports stated against allowing them any loan and the risk was high....then obama did taxpayers another disservice by PLACING TAXPAYERS BEHIND KAISERs investments...which means Taxpayers take the full risk...which eventually was 100% loss of 550 Million.
Tim August 16, 2012 at 06:46 AM
Maybe once Romney wins and becomes President of 50 states, Edward and his liberal cohorts can move to one of the remaining 7 of Obama's "57 states" where Romney will not be President and they can have their liberal utopia.

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