By  on December 9, 2008

Wal-Mart Stores Inc. will pay up to $54.3 million to settle a class-action suit brought against it in Minnesota that alleged the firm reduced workers’ break time and let employees work off the clock.

Separately on Tuesday, the world’s largest retailer also said it was suspending a $15 billion share repurchase program. Wal-Mart said in a Securities and Exchange Commission filing that it is temporarily discontinuing a $15 billion stock repurchase program its board approved in May 2007 due to the economic environment and instability in the credit market. The company said that, as of Oct. 31, it still had about $5 billion remaining from the initial authorization.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus