Wal-Mart in $86 mln settlement of wage lawsuit

NEW YORK Wed May 12, 2010 7:58am EDT

NEW YORK May 12 (Reuters) - Wal-Mart Stores Inc (WMT.N) agreed to pay as much as $86 million to settle a class-action lawsuit accusing it of failing to pay vacation, overtime and other wages to thousands of former workers in California.

About 232,000 people will share in the settlement, which was disclosed on Tuesday in a federal court filing. The accord requires court approval.

Wal-Mart spokesman Greg Rossiter declined to comment.

The case is In re: Wal-Mart Stores Inc Wage and Hour Litigation, U.S. District Court, Northern District of California, No. 06-02069. (Reporting by Jonathan Stempel and Brad Dorfman, editing by Dave Zimmerman)


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.