Aramark Statement Regarding Settlement Agreement
Aramark (NYSE:ARMK) released the following statement today regarding an agreement the Company reached in principle to settle claims in the Lacher et al. v. Aramark (Case No. 2:19-cv-00687) and Mercer et al. v. Aramark (Case No. 2:19-cv-02762) lawsuits pending in the United States District Court for the Eastern District of Pennsylvania. The agreement was reached in connection with a voluntary mediation.
"We believe it is in the best interest of our employees and the Company to put this matter behind us."
The settlement is subject to further documentation, notice to the putative class, and court approval, which will take several months.
If approved by the court, the agreement would resolve disputed claims made by Plaintiffs who allege that Aramark failed to pay bonuses allegedly owed to them and other current and former Aramark managers. Under the terms of the agreement, Aramark will pay $21 million (inclusive of all Plaintiffs' attorneys' fees, expenses and settlement costs) into a settlement fund in return for dismissal of the lawsuits ad a release of all claims arising from the lawsuits.
Aramark (NYSE: ARMK) proudly serves Fortune 500 companies, world champion sports teams, state-of-the-art healthcare providers, the world's leading educational institutions, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world. Our 270,000 team members deliver experiences that enrich and nourish millions of lives every day through innovative services in food, facilities management and uniforms. We work to put our sustainability goals into action by focusing on initiatives that engage our employees, empower healthy living, preserve our planet and build local communities. Aramark is recognized as one of the World's Most Admired Companies by FORTUNE, as well as an employer of choice by the Human Rights Campaign and DiversityInc. Learn more at www.aramark.com or connect with us on Facebook and Twitter.
Leverage Data for New Profit Centers