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05-12-2010, 10:28 PM #1
Wal-Mart in $86 million settlement of wage lawsuit
Wal-Mart in $86 million settlement of wage lawsuit
NEW YORK
Wed May 12, 2010 11:00am EDT
About 232,000 people will share in the settlement, which was disclosed on Tuesday in a federal court filing.
It requires a minimum payout of $43 million, and "far exceeds other recent settlements" involving Wal-Mart, the filing shows. The accord requires court approval.
Wal-Mart spokesman Greg Rossiter declined to comment.
The world's largest retailer was accused in the original 2006 complaint of failing to pay a variety of wages to former workers as required under California law.
In agreeing to settle, the Bentonville, Arkansas-based company did not concede that any wages remained unpaid, according to Tuesday's filing.
The settlement is separate from Wal-Mart's 2008 agreement to pay as much as $640 million to settle 63 federal and state class-action lawsuits alleging it deprived workers of wages.
Last December, Wal-Mart also agreed to pay $40 million to settle a class-action lawsuit over wages in Massachusetts.
The $86 million equals roughly two days of after-tax operating profit for Wal-Mart, regulatory filings show.
Wal-Mart shares were up 6 cents to $52.22 in morning trading on the New York Stock Exchange.
The case is In re: Wal-Mart Stores Inc Wage and Hour Litigation, U.S. District Court, Northern District of California, No. 06-02069.
(Reporting by Jonathan Stempel; Additional reporting by Brad Dorfman in Chicago, editing by Dave Zimmerman)
http://www.reuters.com/article/idUSTRE64B3MG20100512NO AMNESTY
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