Federal appeals court uncovered Wal-Mart Stores Inc. on Monday to billions of dollars in legal damages when it ruled a class action lawsuit alleging gender discrimination towards female workers. Wal-Mart Stores Inc trades on the “New York Stock Exchange” under the Stock Symbol “WMT. For More information regarding “WMT” or the Latest Stock Market Information, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Federal appeals court uncovered Wal-Mart Stores Inc. (NYSE:WMT) on Monday to billions of dollars in legal damages when it ruled a class action lawsuit alleging gender discrimination towards female workers over pay. Wal-Mart has fought the lawsuit since it was first filed by six women in federal court in San Francisco in 2001 and said it would appeal the decision to the U.S. Supreme Court.
In its 6-5 ruling, the 9th Circuit U.S. Court of Appeals said the world's largest private employer will have to face charges that it pays women less than men for the same jobs and that female employees receive fewer promotions and have to wait longer for those promotions than male counterparts. The appeals court upheld a lower court ruling allowing the lawsuit to go forward as a class action, which attorneys for the Wal-Mart employees said encompasses more than 1 million women. Wal-Mart disputes that figure and assert fewer than 500,000 women are covered by the decision Monday.
"We do not believe the claims alleged by the six individuals who brought this suit are representative of the experiences of our female associates," said Gearhart, an executive vice president. "Walmart is an excellent place for women to work and fosters female leadership among our associates and in the larger business world."
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