Wal-Mart settles pay dispute for $40 million

Wal-Mart settles pay dispute for $40 million Wal-Mart Stores Inc. has agreed to pay $40 million to 87,500 Massachusetts employees who claimed the retailer denied them rest and meal breaks, manipulated time cards and refused to pay overtime, according to court documents filed Wednesday. The settlement -- believed to be one of the largest of its kind in the state -- seeks to resolve a class-action lawsuit filed in 2001. It comes less than three months after the world's largest retailer reached a deal with state prosecutors to pay $3 million to settle complaints that it didn't give its Massachusetts workers proper meal breaks. An affidavit filed Wednesday by plaintiffs attorney Philip Gordon says people who worked for Wal-Mart between August 1995 and this year will receive payments of between $400 and $2,500, depending upon their years of service.

Zell stepping down as Tribune Co. CEO Sam Zell, the real estate mogul who took Tribune Co. private a year before the media company was forced to enter bankruptcy protection, is stepping down from the CEO post. Tribune said Wednesday that Tribune's chief operating officer Randy Michaels will take over as chief executive, with Zell remaining as chairman. Michaels also will join the board. In a statement, the company said Zell suggested the leadership change to the board. Tribune operates 23 television stations in such cities as New York, Washington and Seattle. It also owns such newspapers as the Chicago Tribune, the Los Angeles Times and The (Baltimore) Sun.

Chevy to start selling electric car in 2010 General Motors says the Chevrolet Volt electric car will go on sale late next year in California. GM said Wednesday at the Los Angeles Auto Show that it will announce other markets later. The Volt, which is expected to cost around $40,000, can be charged in a conventional outlet and is designed to drive up to 40 miles on electricity. When its lithium-ion battery runs low, an engine kicks in to extend its driving range to more than 300 miles without refueling. GM also said it's teaming up with three California utilities as part of a demonstration project. Using a $30 million grant from the U.S. Department of Energy, the project will distribute 100 Volts to various fleets and will install 500 charging stations for residential, commercial and public use.

U.N. sees world economic rebound next year The United Nations forecast that the world economy will bounce back in 2010 with a global growth rate of 2.4 percent, but it warned the recovery will be fragile. In a preview of its annual economic forecast, which will be released next month, the U.N. credited the massive fiscal stimulus measures by governments worldwide since late 2008 for the expected rebound. It recommended that these measures continue -- at least until there are clearer signals of a more robust recovery in terms of increasing consumption, more private investment and rising employment rates around the world. "Before that, it would be risky and even could be self-defeating to withdraw stimulus," said Rob Vos, director of the Economic Analysis Division in the U.N.'s Department of Economic and Social Affairs.

NEWS SERVICES