In addressing the Government’s policy decision to limit the depreciation in the exchange rate to seven per cent during the 2016 fiscal year, Finance Minister Colm Imbert, in his budget...
You are here
High-tech workers to get US$4K
SAN FRANCISCO—Nearly 60,000 high-tech workers are likely to receive an average of US$4,000 apiece in a settlement of a class-action lawsuit alleging Apple and Google conspired in an illegal cartel of Silicon Valley employers that secretly refused to recruit each other’s engineers. The estimate is based upon an analysis of court documents in the case, including the terms of a US$324.5 million settlement outlined for the first time in a filing made late last week.
The final amounts paid to each of the eligible workers will vary depending on their salaries during the four-year period covered by the lawsuit. A federal judge still must approve the settlement, which is already facing resistance from one of the workers representing the entire class. A hearing on the settlement is scheduled for June 19 in a San Jose, California, federal court.
The US$324.5 million settlement will be paid by Apple Inc, Google Inc and two other Silicon Valley companies, Intel Corp and Adobe Systems Inc, accused of colluding to corral their top technology workers.