Wal-Mart Settles Labor Suits of up to $640 Million
Wal-Mart Stores Inc., the world’s largest retailer, said Tuesday it will pay between $352 million and $640 million to settle 63 wage and hour abuse lawsuits against the company.The discount retailer, which has more than 1.4 million employees, said the total amount to be paid depends on the number of claims submitted by those who are eligible. Each of the settlements must be approved by a trial court.
Wal-Mart, one of the few retailers doing well in a dismal holiday season, said it would take an after-tax charge to continuing operations of about $250 million, or approximately 6 cents per share, in its fiscal fourth quarter.