Les Jones

Wal-Mart settles lawsuit for $640 million

Tuesday, December 23rd, 2008 | Economics |

Bloomberg - Wal-Mart Will Pay Up to $640 Million in Settlement:

Wal-Mart Stores Inc., the world’s largest retailer, will pay as much as $640 million to settle 63 federal and state class actions claiming the company cheated hourly workers and forced them to work through breaks.

Today’s settlement ends actions pending in most state courts and in federal court in Nevada, and occurs two weeks after a Dec. 9 agreement in Minnesota. The company will record an after-tax fourth-quarter expense of $250 million, or about 6 cents a share.

I’ve mentioned my views on Wal-Mart before. In a nutshell, they’ve reduced prices for families like mine, and I like them for that. I’m under no illusions they’re without fault - no big company is - and making workers work beyond their timesheet hours was one of the most notorious abuses. It’s good they got their comeuppance, and maybe now they’ll treat their workers better.

Previously:

• Bought a gun at Wal-Mart for the first time
• Lower Wal-Mart Rx Prices: Threat or Menace?
• Wal-Mart Drug Prices
• Target No Better Than Wal-Mart?
• Glenn Reynolds on Wal-Mart

No comments yet.

Leave a comment

Name (required) Mail (will not be published) (required) Website Comment

Notify me of followup comments via e-mail