Staples Agrees $42 Million Preliminary Settlement of Wage and Hour Class Actions

Framingham, MA: Staples, Inc, announced today that it has reached a global settlement in several retail wage and hour class action lawsuits related to the alleged misclassification of its assistant store managers concerning overtime pay.

Under the terms of the global settlement, which is subject to court approval, the Company has agreed to pay $42 million to resolve the allegations and avoid further distraction from litigation that has been ongoing for the past three years. The Company has also agreed to drop its appeal of a verdict against it last year in New Jersey. The amounts associated with the previous verdict will be included in the settlement amount, as will interest and class counsel's attorney fees.

The settlement amount resolves claims for damages dating back as far as 2002 in some cases and covers more than 5,500 current and former associates.