Wal-Mart to Settle 63 Labour Suits for up to $640M

Wal-Mart has announced today it will settle 63 labour lawsuits against the company to the tune of $352-$640 million. The charges will be representative in Q4 statements. Wal-Mart says most of these suits were filed years ago and are simply not representative of the company today, or an indication of any wrong doing. Wal-Mart has been accused of forcing employees to work through breaks, among other labour related violations. Wal-Mart more recently settled a 10 year old labour action for $54.25 million which alleged the company cut employee and worker break times in Minnesota. Wal-Mart, who is the world’s biggest retailer, continues to perform well against other retailers during this tuff economic period.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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