Thread regarding Bank of New York Mellon Corp. layoffs

@as+1jsfr7q1p:

ADEA protects employees from age discrimination. Problem is, BNY is not firing employees based on age but performance, at least that is what they say on paper. It's why there are forced rankings and managers are told that someone on the team ALWAYS needs to be "partially meets". They essentially lie on the performance reviews to get around age discrimination. If the manager refuses, they become the target.

Same happened to me last week. They offered 1 month of pay.

@e7+1jsfr7q1p
Yup… that’s my understanding of it. Between 25 and 35 percent. So in the case of someone who gets say $2500 a week, with 10 years of service and the Bank is trying to bend them over a barrel with only 4 weeks severance, you will part with 6 1/2 weeks ($16K) of your 20 weeks of salary (50k - the 4 weeks original- 10k offer - 35% of 40k remaining) to a lawyer. Then you pay the tax on the total portion too. And that’s only if you win and I’m certain it would take probably a year to get results. As the one poster said below, ‘it’s disgusting that the bank forces us to get counsel’. Still, it’s better than just taking it up the hershey highway from this place. I am pretty sure you dont get damages , pain and suffering etc from this as its ERISA law.

Someone I know going through this found the typical agreement to be $800-1800 for a lawyer to review, then 35% of any payments recovered.

@by+1jsfr7q1p
In other words, you got nothing. Did you still have to pay your attorney anything?

I went through the same as you. Hired an attorney and they wouldn't budge on giving me 2 weeks for every year. Only thing they did include was around disparagement. I had them include language that no one can disparage my name same way I couldn't disparage the Banks name.

Agree fully with @as+1jsfr7q1p . At this point, anyone in this situation is just totally out of their element. It’s disgusting that we are now being driven to seek legal counsel right off the bat. I’d almost wonder if you can’t somehow stop the separation meeting ala ‘miranda’ style and say ‘I need my lawyer, I do not understand or permit you to do this without my attorney present’. Even if you get that statement on the record. Meanwhile procure a lawyer to get ahead of their sick game. Probably unlikely but if you are getting tossed, you have nothing to lose. This is a very bad amoral place. If you are forced to give an attorney fees upon winning or getting your due it may be worth it, as long as you can wait for it.

I implore you to print that out, gather all of your other documentation together and consult with an attorney. Please, because for whatever the firm asks for in order to go over that document with you it is going to be worth it in terms of peace of mind.

If you are over 40 you are in a legally protected class. See below:

“A severance agreement for employees over 40 needs to comply with the Older Workers Benefit Protection Act (OWBPA) and Age Discrimination in Employment Act (ADEA), ensuring a "knowing and voluntary" release of ADEA claims. This means the agreement must be in plain language, provide at least 21 days to consider the agreement, and allow for a 7-day revocation period after signing. Employers must also disclose information about eligibility for the severance package and encourage employees to consult with an attorney.”

Even if you are NOT over 40, please, for the love of all that is holy get an attorney anyway. See what your options are.