Word: settlements
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...addition to the cash settlement, Texaco has agreed to create an independent Equality and Tolerance Task Force that will be charged with ensuring that the company behaves itself in the future. Given that this Task Force will have the power to bring Texaco to court should the company fail to live up to its recommendations, it is conceivable that major improvements in the company's climate are inevitable...
...Texaco board chair Peter I. Bijur settled a class-action lawsuit that had been filed several years ago by several black employees who claimed they were denied promotion opportunities because of their race. The corporation, which had previously been fighting the suit tooth and nail, offered the $176.1 million settlement only after a former Texaco executive disclosed a tape-recording he had made of a 1994 board meeting. On the recording, top Texaco brass discuss destroying evidence of hiring discrimination while using racially insulting language...
...giant has come under fire from national civil rights groups recently for allegedly discriminatory personnel policies and racist comments made by several top executives. Late last week, Texaco agreed to a $176.1 million settlement of the claims, the largest such settlement in American history...
There has been no action on the Texaco investment in light of last week's events. As part of its settlement, Texaco will pay $115 million to about 1,400 current and former employees and also will give black employees 10 percent raises. The company also agreed to spend $35 million on a task force to recruit black workers, monitor discrimination and develop diversity and sensitivity training...
...action is not a quota system, and so there are no rules that minorities must comprise a certain proportion. Instead, affirmative action ensures that minorities actually reach the top and are able to make decisions for organizations. Although I wish that affirmative action was not needed, the Texaco Inc. settlement illustrates that organizations need minorities in the upper ranks. This idea is not only rational but also in the best interests of the country, since racial and ethnic minorities constitute a rising proportion of the U.S. population...