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If it was a single company, then it might help. But this is likely to affect hundred if not thousands of companies. Millions of potential complaints. That will
by ShakataGaNai 4y ago
If it was a single company, then it might help. But this is likely to affect hundred if not thousands of companies. Millions of potential complaints. That will be a cluster, if everyone does complain. DOL may not like it, but they will likely take into account the fact that these were caused by a bank failure to a scale we've not seen in a decade. At the end of the day the culprit is a bank that's now toast, or the FDIC... who's immune.
And if this goes on for any length of time, you could sue your employer... but lack of payroll would only happen if the company no longer has any money - effectively making them bankrupt. Again you could name SVB in the lawsuit, or the FDIC... but good luck getting blood from the stone.
- alasdair_ 4y ago>And if this goes on for any length of time, you could sue your employer... but lack of payroll would only happen if the company no longer has any money - effectively making them bankrupt. Again you could name SVB in the lawsuit, or the FDIC... but good luck getting blood from the stone. You could also sue the CEO directly. Failure to pay employee wages is one of the few things that can (somewhat) easily pierce the corporate veil.
- toufka 4y agoWhich is why an enormous number of people will be fired, furloughed or reduced to minimum wage on Monday if this isn’t resolved.
- ShakataGaNai 4y agoWell it's all moot, the fed stepped in and we're all safe.