Apple, Google, Intel & Adobe Settle ‘Anti-Poaching’ Lawsuit for $415M

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Apple (AAPL), Google (GOOG, GOOGL), Intel (INTC) and Adobe Systems (ADBE) have agreed to pay $415 million to settle a lawsuit.

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The lawsuit against the four tech companies claimed that they had set up agreements to not recruit other companies’ employees. The 415 million being offered to settle the lawsuit is $90.5 million more than the last settlement offer. Apple, Google, Intel and Adobe still maintain that they’ve done nothing wrong, reports Cnet.

The $415 million settlement offered by Apple, Google, Intel and Adobe will grant each employee eligible for it $6,500. One of the plaintiffs in the lawsuit claimed that the case resulted in $3 billion of lost wages for workers. Attorney fees to handle the case sit at $82.6 million, CNN Money notes.

Evidence from the lawsuit shows that the main figure behind the anti-poaching practices could have been late Apple CEO Steve Jobs. A letter from Jobs to then Google CEO Eric Schmidt in 2007 asked him to stop his recruitment department from scouting Apple employees, reports Cnet.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/01/apple-google-intel-adob-aapl-goog-googl-adbe-intc/.

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