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  • Apple and Other Tech Giants Agree to $325M Settlement for Silicon Valley Wage Fixing

    Roughly one month after reaching a preliminary agreement, attorneys representing thousands of Silicon Valley workers on Thursday officially asked that the federal court overseeing the case approve a settlement that will cost Apple, Google, Intel and Adobe roughly $324.5 million for conspiring to suppress salary inflation. The filing mentioned the following:

    Plaintiffs and Settling Defendants reached the Settlement through hard-fought, arm's length negotiations after three years of litigation.
    If approved, each of the more than 60,000 affected workers will receive between $2,000 and $8,000 depending on their salary during the time covered by the suit. The four defendants have agreed to make an initial payment of $1 million within 10 days of preliminary approval with the remaining $323.5 million to be paid within 7 days of final approval. More than $80 million of that fund is being sought by attorneys for the plaintiffs to cover legal fees and expenses.

    As part of the deal, Apple, Google, Intel and Adobe have also been released from any further claims arising from the alleged conspiracy. The agreement applies to any hiring actions taken up to the effective date of the settlement. The suit was first brought in 2011 by Silicon Valley employees who accused Apple, Google, Intel, Adobe and others of illegally agreeing not to hire each other’s employees, effectively reducing competition for the best engineers and lowering salaries. Evidence against the technology giants was strong, including a call to Google’s Sergey Brin from late Apple employees, which likely contributed to the desire to settle, rather than litigate the case and risk losing as much as $9 billion on antitrust grounds.

    The US Department of Justice leveled its own lawsuit regarding the matter after investigating Apple, Adobe, Google, Intel, Intuit and Pixar for the same anti-poaching measures. Like in this class-action suit, the defendants ultimately settled that case with the DOJ in 2010.

    Source: AppleInsider
    This article was originally published in forum thread: Apple and Other Tech Giants Agree to $325M Settlement for Silicon Valley Wage Fixing started by Akshay Masand View original post
    Comments 3 Comments
    1. exNavy's Avatar
      exNavy -
      Typical scum bag companies.
    1. Raptor2213's Avatar
      Raptor2213 -
      Even with that settlement, they still win out because they kept the wages down for years.
    1. Ibkoool's Avatar
      Ibkoool -
      The Plaintiffs gets $8,000 max, and the lawyers walks away with a cool $80 million. Whats wrong with that picture??? Was it really worth it for the class?