California Employment Law
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Hello and thank you for entrusting me to assist you. My name is XXXXX XXXXX I will do everything I can to answer your question. If you signed a settlement agreement and it cannot be re-opened or rescinded, then your refusal to honor the terms of settlement will likely result in the filing of a lawsuit for breach of contract against you. Damages will be in the amount you agreed to pay. Unless you contest the authenticity of the settlement document or can argue that you were under "duress" (highly unlikely), a court judgment will be entered against you. A court judgment will enable the DOL to seize certain liquid assets of your business to satisfy the judgment. They will also be able to levy certain non-liquid assets. Meanwhile, interest on the judgment will begin accruing at the rate of 10% (as imposed by law). Obviously, this is a situation you would want to avoid if at all possible.Please do not hesitate to let me know if you have any questions or concerns regarding the above and I will be more than happy to assist you further.If you do not require any further assistance, please be so kind as to provide a positive rating of my service so that I may receive credit for assisting you. Very best wishes and kindest regards.
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