NEW YORK, Nov 22 (Reuters) - The sudden demise of one ofNew York's largest foreclosure law firms has raised concerns of a drag on the thousands of cases it still has pending before the courts.
Steven J. Baum PC filed notice Monday informing federal labor regulators that it is planning "mass layoffs" on Feb. 20 as it prepares to close its doors. While no specific numbers were provided, the firm currently employs about 67 full and part-time employees at its main offices in western New York and 22 full and part-time employees in Long Island.
But while his firm may be on its way out, Steven Baum said in a statement Monday that he and remaining staff members will "fulfill our remaining work on behalf of our clients."
Whether this means relying on the skeleton crew left behind to wind down the business or transferring cases to new firms will depend on the status of each case, according to attorneys who work on foreclosures in New York.
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