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Family Dollar reaches settlement in class-action lawsuit

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MATTHEWS, N.C. (AP) -- Family Dollar says it has reached a preliminary settlement in a class-action lawsuit from more than 1,700 New York store managers on overtime wages.

The discount store operator said Wednesday that the maximum payment it will make is $14 million, but that settlement terms are not final.

A final settlement between the company and its employees still needs court approval. The process for getting that approval hasn't begun yet.

The Matthews, N.C., company expects to take a charge in its fiscal fourth quarter, which ended in August, for costs related to the lawsuit.

Family Dollar runs more than 7,400 stores throughout the U.S.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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