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Severance Pay Nevada

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  • Severance Pay Nevada

    I am a Massachusetts resident who was employed by a firm located in Nevada. When I was hired in August of 2009, I negotiated a 1 year severance package with the President of the Company, in case of termination within 1 year of employment. In May, 2010 I was terminated (they are registered Broker/Dealer with SEC who cannot get their product through approval with the SEC) along with the entire Sales Force.

    The employer is now stating they can no longer fullfill the remaining severeance agreement which is equal to 3 months salary. Can you provide guidance as to what my recourse is with this firm?

  • #2
    Your recourse is to have your severance agreement reviewed by a local attorney to determine whether it is legally binding and enforceable or not.
    The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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    • #3
      Originally posted by cbg View Post
      Your recourse is to have your severance agreement reviewed by a local attorney to determine whether it is legally binding and enforceable or not.
      It was originated by a lawyer/legal council when it was signed so I will assume it is binding but will seek legal council. Is my only recourse going to be a lawsuit?

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      • #4
        Why don't you let your legal counsel determine that? I haven't read the agreement or any potentially qualifying language.
        The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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        • #5
          I guess I will need to go that route and hire a lawyer, was hoping to avoid the cost of legal expenses, thanks anyway

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          • #6
            It's just that we can't comment on an agreement we haven't read. A lawyer in your
            area is your best bet.
            Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

            Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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            • #7
              Sorry to be a day or two late on this thread. If I'm reading the OP correctly, it appears the employer has been paying severance in accordance with the agreement and has paid nine of twelve months, as the OP indicates the remaining severance is equal to three months salary.

              If, in fact, the employer has effectively acknowledged the validity of the severance agreement by making nine months payments, small claims court may also be an option. The severance agreement should have language indicating it is to be construed under the laws of ____ state, and that presumably is the state where you would have to file the claim (and be subject to that state's small claim limits and rules). Also, I'm assuming there is no other language requiring arbitration or other alternative dispute resolution.

              Lastly, even if a small claim was viable and was also successful, as the saying goes, "you can't get blood from a stone" — so if the employer is without the ability to pay, you may never collect the unpaid severance.

              As others have noted, it's impossible to comment intelligently on the specifics of an agreement we haven't read, so the above thoughts are truly "thinking out loud" and highly speculative. Consulting a lawyer, as others have suggested, is very wise advice, even if the lawyer ultimately says your best best is filing a small claims action. I would, however, suggest it may be beneficial for the lawyer you consult with to be licensed in the jurisdiction the severance agreement is to be construed under.
              While I may work for lawyers, I am not an attorney. Comments I make are based on my working experiences and should not be interpreted as legal advice.

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