STAPLES TO PAY $42M. TO SETTLE WAGE LAWSUITS

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STAPLES TO PAY $42M. TO SETTLE WAGE LAWSUITS

 user 2010-02-08 at 11:02:14 am Views: 65
  • #23488

    http://online.wsj.com/article/BT-CO-20100129-712283.html?mod=WSJ_latestheadlines
    STAPLES TO PAY $42M. TO SETTLE WAGE LAWSUITS
     Staples Inc. agreed to pay $42 million to settle several wage-and-hour class actions related to overtime pay for assistant store managers.As part of the pact, the office-products retailer agreed to drop its appeal of an unfavorable verdict in New Jersey last year. The payments in that verdict, almost $2.5 million according to reports last February, are included in the global settlement. Overall, the settlement covers more than 5,500 current and former workers.

    The company admitted no wrongdoing in the cases but said it was settling to avoid further distractions from the litigation, which has been running for three years.Numerous retailers have run into trouble regarding overtime pay for workers, most notably Wal-Mart Stores Inc. (WMT). It has paid tens of millions of dollars to settle various wage-related lawsuits.Staples’ shares were up 0.8% at $23.90 in recent trading. The stock is up 45% over the past year.