Word: settlements
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...ethnicity in the state is illegal, whether in the public sector, education or employment. It seems California residents acted a little prematurely; this country still has racial barriers to overcome. Last Friday, a mere two weeks after Prop. 209 passed, Texaco Inc. agreed to pay $140 million, the largest settlement ever in a racial discrimination case, on behalf of all its minority employees...
Only a few of the employees actually raised the suit, complaining of a glass ceiling within the company. However, the settlement addressed all of the minority employees in the company, giving them all 10 percent pay raises. Texaco has also instituted a task force which will focus on minority hiring and promoting practices...
...past two weeks, and prompted calls by Jesse Jackson for a boycott of the firm, after the release of a secret recording of a meeting in which Texaco executives discussed destroying company documents relevant to the case and ridiculed black employees as "black jelly beans." Under the settlement, Texaco will pay 1,500 present and former black employees who brought suit $115 million in cash, will provide $26.1 million in pay raises over five years for black employees and will pay $35 million for sensitivity and diversity training programs. The oil giant also agreed to subject itself to a review...
...corporate approach. "We did an economic analysis," says president and CEO George Sollman. "I calculated that going into court and trying this would cost us between $750,000 and $1 million in legal fees, plus a lot of management time." Instead, he agreed to pay $250,000 toward a settlement, with his insurance companies paying the rest...
Bailey, whose back was injured in a 1992 railroad accident, is using some of his settlement money to pay for political commercials. An independent thinker, he promises to replace the moribund Social Security system with a plan requiring workers 45 and under to save 15% of their income in an ira. Once they and their spouses are deceased, he says, the unspent money will help pay the national debt...