Reuters: Tech giants pay $324M to settle no-hire lawsuit

|By:, SA News Editor

Apple (AAPL), Google (GOOG), Intel (INTC) and Adobe (ADBE) agreed to pay $324M to settle an antitrust class-action suit accusing them of creating illegal no-hire agreements in Silicon Valley to keep wages down, Reuters reports.

The amount is far less than the $3.4B in damages that 64,000 employees were collectively seeking. That figure could have tripled had the case gone to trial and the workers won.

The deal was disclosed yesterday, although financial terms weren't provided.