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The difficulty in these types of cases is that in many instances, the older employees are the most expensive due to their salary increases through the years.
In employment law, if you do not have an employment contract that expressly states that you can only be terminated for cause, your employment is "at will." That means that you can legally be terminated at any time, with or without cause or warning. What the employer CAN'T do though is terminate someone for a reason made illegal by statute. Among those reasons are race, religion, gender, age, disability or FMLA (medical leave) use.
Now, if you can allege that age was the reason you were separated, you can file a complaint with the EEOC to have them investigate the matter further and preserve your right to sue. The problem though is that terminating someone for financial reasons isn't illegal. Terminating someone ONLY because they are older is illegal. So which is the actual reason here by the employer? That can be difficult to determine and, if you end up having to sue, it is your burden to prove that their basis for termination was solely your age and not for the economic gain of releasing the most highly compensated employee.
The EEOC can certainly help uncover evidence that would support the position that age really was the factor here. If they replace you with someone younger, but pay the same amount (or substantially the same). If you weren't the highest paid. If there are comments about them wanting to have a more "dynamic" team. These are all things that could be discovered by the EEOC to solidify your claim.
If you feel age was the factor here, contact the EEOC.
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