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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.
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