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I can be terminated for no reason, I can quit for no reason. But the moment the employer gives up a reason, they can't hide behind 'at-will', they must be able to provide adequate documentation that there was cause for termination, or they risk facing a lawsuit.
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Employers face the risk of a lawsuit regardless. Whether or not it is meritorious will depend on the precedings.
I'm not aware of a situation where my company has chosen to refuse to give a reason. Refusing to give a reason will most certainly cost an employer an unemployment case.