Word: payouts
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...applied for 1,113 sales-agent jobs in California during the past 13 1/2 years. State Farm believes the settlement will cost no more than $50 million, but the plaintiffs' attorney estimates that the bill will be as high as $300 million. That would make it the largest payout in the history of sex- discrimination suits...
...defense. Under its provisions, the company would take on more than $3 billion in additional debt and then give stockholders a $60 cash payment for every share they owned. Company officials apparently believed the huge new debt would make Allegis a less attractive takeover target and that the cash payout would placate Coniston and other restive shareholders. They were wrong. The pilots still talked takeover, and Coniston pressed forward with its proposal to break up the company, maintaining that Allegis stock, then hovering in the 80s, remained undervalued...
...just such litigation played a role in his rejection of Texaco settlement offers that he thought were inadequate. Joked Liedtke: "If we took what they offered, I would have sued myself." On the other side, major Texaco shareholders have indicated that they would be unhappy with any settlement payout that exceeded $1 billion...
...shoulder 60% of the payments--a contribution the Justice Department insists is not an admission of guilt. Besides, a settlement is in the interests of both the Government and the company. Had Morton Thiokol been brought to court, it would have faced the risk of an even higher payout. In fighting the lawsuits, moreover, the company would be likely to sue the Government...
...Government must pay for its lack of punctuality. Taxpayers who file for a refund by April 15 and receive no check by June 1 are entitled to 13% interest until it arrives. The IRS, however, hopes to catch up soon. The agency predicts its total interest payout will be $200 million, roughly the same as last year. Some anonymous IRS employees told journalists that the tax backlog had got so bad that agency workers had deliberately shredded thousands of returns. Egger heatedly rejected those stories. Said he: "I'm here to tell you it's sheer nonsense...