Milberg, a once high-flying securities class action plaintiffs firm that emerged from criminal charges filed against a predecessor nearly a decade ago, has notified New York of its intention to let go of 32 employees by the end of December, according to a document filed with the state’s Department of Labor on Sept. 29.
The cutbacks are the latest by a big firm coping with a drop-off in high-stakes litigation tied to the 2008 financial crisis. New York-based Milberg, which also has satellite offices in Detroit and Los Angeles, cited economic reasons for the layoffs. The document filed by the firm noted that affected employees have no transfer, layoff or bumping rights, according to the document.
