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Einstein Noah Restaurant Group Inc. (BAGL) said Wednesday that it reached an agreement in principle to settle several putative class actions brought by former employees.
The bagel specialty restaurant chain agreed to pay up to $2.5 million to settle these cases, according to a filing with the Securities and Exchange Commission.
The company will record a liability in the third quarter of 2008 in the amount of $1.9 million to satisfy these settlements.
Several former store managers and employees at the bagel specialty restaurant chain sued the company, alleging that the company failed to pay overtime wages to certain employees at its California stores and these employees were deprived of mandated meal periods and rest breaks.
-Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=AvSeyy9xnxfM2x48pEC5Ew%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-03-08 1750ET
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