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 11:02:52 am Views: 50
  • #23533

    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.