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

  • 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.
Comments (4)
  • RHMASSING
    , contributor
    Comments (227) | Send Message
     
    Nobody gaining much but those lawyers!
    25 Apr, 06:15 AM Reply Like
  • tromur
    , contributor
    Comments (40) | Send Message
     
    Wonder why they settled?
    25 Apr, 10:20 AM Reply Like
  • eh.geee@gmail
    , contributor
    Comments (43) | Send Message
     
    A settlement avoids disclosing commercial in confidence material. One of the failures of an archaic legal system is its neglect for the freedom and property of the individual.
    While the hundreds of millions is an invisible line item in their finances, the exposure of material which could divulge their business intelligence is just too great a threat to risk and too expensive to attempt to protect in the context of the alternative to fork over relatively "small beans" settlement dollars.
    Anyone who has worked in or around Silicon Valley knows that since the 90's, at least in my time, every one of the major companies with important intellectual property would insist upon non-compete clauses that imply or even expressly state non-poaching conditions.
    That a couple of savvy tech company captains were smart enough to shake hands and agree to play fair.
    But of course the legal parasites and the disgruntled tech whiz wieners find ways to beg for money and have no shame in taking "go away" money.
    Do you think that a company like Google or Facebook pays billions for some piece of software when acquiring a startup; or are they actually buying the people and their demonstrable genius and capacity to actually get great things done and out to market?
    Once again, the law is an ass and, as noted, the legal beagles clean up and eventually the consumer pays for it all.
    25 Apr, 12:13 PM Reply Like
  • rationalthought11
    , contributor
    Comments (29) | Send Message
     
    Don't worry pal. Lawyers will continue trying to keep capitalism on a level playing field even as know nothing clowns denigrate their efforts. Someday in the future as the right wing scream machine converts the thoughts of the weak minded you will have the system you long for, one in which companies collude in writing to depress wages and prevent employees from finding work once they leave. Maybe it will even happen to you! Then you can go begging the gov't for help only to find there is none. Remember America is the land of the free where the rich and inherited money beneficiaries are free to sleep under the bridges with the homeless and unemployed.
    9 May, 06:22 PM Reply Like
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