Powin Settles Mass Layoff Suit in Bankruptcy for $3.5 Million

Powin LLC reached a $3.5 million deal to settle lawsuits filed by former employees who were abruptly laid off when the energy storage provider filed for bankruptcy.

The Oregon-based battery system manufacturer’s settlement, which requires approval in the US Bankruptcy Court for the District of New Jersey, resolves claims asserted on behalf of 280 workers immediately after the company filed for Chapter 11 in June.

Powin, which is planning to wind down under a consensual deal with creditors, said the employees will receive $500,000 upon the effective date of a Chapter 11 plan and will be entitled to recover another ...