BENTONVILLE, Ark. — Wal-Mart Stores here yesterday said it has agreed to settle 63 wage and hour class-action lawsuits that have been pending against the company for several years for between $352 million and $640 million, depending on the amount of claims submitted by members of the class.
Wal-Mart said it would take a fourth-quarter charge of $250 million, after taxes, or about 6 cents per share. In addition to the monetary payments, which are subject to court approval, Wal-Mart also said it has agreed to continue to use electronic systems and other measures designed to maintain compliance with wage and hour laws.
“Resolving this litigation is in the best interest of our company, our shareholders and our associates,” said Tom Mars, executive vice president and general counsel, Wal-Mart Stores, in a prepared statement. “Many of these lawsuits were filed years ago and the allegations are not representative of the company we are today.”
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