SAN FRANCISCO - Best Buy Co. Inc. has agreed to a proposed employee discrimination lawsuit settlement that could see it pay up to about $10.3 million to plaintiffs and their lawyers.
The lawsuit, filed in late 2005, had alleged Best Buy discriminates against women, African-American and Latino employees by denying them promotions and more lucrative sales positions. The electronics retailer has denied any wrongdoing throughout the litigation.
Under the deal, the company "agrees to changes to its personnel policies and procedures that will enhance the equal employment opportunities of the thousands of women, African-Americans and Latinos employed by Best Buy nationwide," Richfield-based Best Buy said in a statement Friday.
The nine named plaintiffs in the matter would split a total of up to $290,000 and are dropping individual claims they have or may have against the company, according to a court filing. Their attorneys would receive up to $10 million to cover costs and a portion of their fees. The terms are subject to court review and approval.
The settlement has been filed for approval by a U.S. District Court judge for the Northern District of California.
Best Buy shares closed Friday at $31.01 and were down 2 cents after hours.
MARKETWATCH
