LAWSUITS NEWS & LEGAL INFORMATION
Wage and Hour Dispute
Palm Beach, FL: (Jan-30-08) A wage and hour lawsuit was filed against Dycom Industries and three of its subsidiaries UtiliQuest LLC, STS LLC and Locating Inc. units. The suit stated that the wage and hour claims were filed between 2003 and January 2007, and covered several states where the subsidiaries did business.
Sources close to the case stated that the companies, though denying the allegations, agreed to settle the lawsuit with a $10 million payout. Dycom, which expects actual payments to be less than the gross settlement amount, is currently evaluating appropriate charges for its financial statements. It will post a related charge in the quarter ended Jan. 26, 2008. Company officials claimed that after settlement of litigation, the company has revised their procedures to avoid further lawsuits. The Palm Beach Gardens-based specialty contracting firm said the settlement, subject to court approval, assumes all eligible individuals accepts the payment. [SOUTH FLORIDA BUSINESS JOURNAL: WAGE AND HOUR DISPUTE]
Published on Jan-31-08
Sources close to the case stated that the companies, though denying the allegations, agreed to settle the lawsuit with a $10 million payout. Dycom, which expects actual payments to be less than the gross settlement amount, is currently evaluating appropriate charges for its financial statements. It will post a related charge in the quarter ended Jan. 26, 2008. Company officials claimed that after settlement of litigation, the company has revised their procedures to avoid further lawsuits. The Palm Beach Gardens-based specialty contracting firm said the settlement, subject to court approval, assumes all eligible individuals accepts the payment. [
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