Cost Plus, Inc. Agrees To Settle California Employee Overtime Litigation.Business Editors/Retail Writers OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 3, 2002 Cost Plus, Inc. (Nasdaq:CPWM CPWM Certified Public Works Manager (New Jersey state license) CPWM Controlled Pulsewidth Modulation ) announced today that it has reached an agreement to settle all claims related to a lawsuit entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Barry, et al, v. Cost Plus, Inc. that was filed on September 17, 2001. The settlement is subject to court approval. As previously disclosed, the purported class action suit alleges the Company improperly classified certain California-based employees as "exempt" from overtime pay. Although the agreement prevents the Company and plaintiffs from disclosing the specific terms of the settlement, the Company indicated it will take a charge of approximately $2.1 million in addition to amounts already accrued. The additional charge will reduce third quarter earnings per share by approximately $0.06. The court is expected to review the settlement in November 2002. While the Company denies the allegations underlying the suit, it has agreed to the settlement to avoid the cost, distraction and uncertainty associated with protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. during the all-important fall and Holiday selling seasons. The suit is one of many similar suits filed against retailers with operations in California. Cost Plus, Inc. is a leading specialty retailer of casual home furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. and entertaining products. As of October 3, 2002, the Company operated 169 stores in 23 states. |
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