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From The Register:
Apple, Google, Adobe, and Intel's $415m settlement with Silicon Valley techies over wage-fixing accusations has been formally approved by a judge.
On Thursday, Judge Lucy Koh, sitting in the northern district court of California, gave her approval [PDF] to a deal that will see the tech giants compensate workers for potential lost wages related to their illegal "no-poaching" pact.
[...] After paying off the lawyers, the money will be distributed among the 64,466 class-action members making up the plaintiffs in the case. Another 56 people opted out of the settlement, reserving their right to pursue individual cases.
Apple, Google, Adobe, and Intel were the four remaining holdouts in the case over a large-scale conspiracy by Silicon Valley firms not to poach each others' employees in an effort to slow escalating wages. The pacts were said to involve executives in the companies' highest ranks, including Apple co-founder and longtime CEO Steve Jobs.
(Score: 1, Insightful) by Anonymous Coward on Friday September 04 2015, @03:54PM
2014 Net Income Available to Common, per Marketwatch:
Intel: $11.7 B
Apple: $39.51 B
Google: $13.93 B
Adobe: $268.4 M
Total: $65.2 Billion
Settlement amount to one year total NIAC: .69%
About 7/10th of a percent of net income available to common shareholders.
You bet, the Class Action system surely does manage to penalize more effectively than individual lawsuits do. Or is that efficiently?
Anyway, nice job Judge Koh. I'm sure the tech giants are quaking in their boots and will never again think about abusing their labor forces by collusion. Uh-huh. They can surely feel the burn.