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XEROX SETTLES CLASS ACTION SUIT

Xerox Corp has settled a class action suit stemming from employee layoffs during a 1982 reorganisation – and the pact could cost the company $120m over the next 40 years, although a spokesman from Xerox disputed that figure: Xerox said that as many as 44,000 employees – 33,000 of the current – could benefit from the decision, under which any non-union worker who was employed between January 1, 1982 and November 17, 1982 and who has or will work for Xerox for at least 10 continuous years, will receive an extra 0.96% non-cumulative pension increase, with the major portion of the settlement being paid out of the Xerox pension plan rather than from corporate funds.

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CBR Staff Writer

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