Family Dollar (FDO) Reaches Settlement in Overtime Wage Claims; May Pay Up to $1.4M
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Family Dollar Stores, Inc. (NYSE: FDO) announced it has reached a preliminary settlement for a class of over 1,700 New York store managers regarding their claims for overtime wages.
The preliminary settlement provides for a maximum payment of $14 million by Family Dollar. Settlement terms have not been finalized between the parties, and therefore, the settlement is not complete. Any finalized settlement between the Company and the class of New York store managers would require court approval, and that process has not yet begun.
The Company expects to record a one-time charge in the fourth quarter of fiscal 2012 for previously unplanned costs and expenses related to the litigation and its settlement.
The preliminary settlement provides for a maximum payment of $14 million by Family Dollar. Settlement terms have not been finalized between the parties, and therefore, the settlement is not complete. Any finalized settlement between the Company and the class of New York store managers would require court approval, and that process has not yet begun.
The Company expects to record a one-time charge in the fourth quarter of fiscal 2012 for previously unplanned costs and expenses related to the litigation and its settlement.
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