Apple, Google, Intel, Adobe Poaching Settlement Hits $415 Million
David Curry | | Jan 16, 2015 09:36 AM EST |
Apple, Google, Intel and Adobe are pledging a lot of money to settle an employee-poaching agreement, written up by several Silicon Valley companies.
Apple, Google, Intel and Adobe are all embroiled in an employee-poaching lawsuit, after behind-the-scenes deals were struck by several large tech companies for anti-poaching rules.
The lawsuit, which originally involved Pixar, Lucasfilm and Intuit also involved, focuses on the legality of having multiple companies in competing markets creating anti-poaching rules, in order to maintain talent and potentially lower wages.
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Poaching is when one company takes away a prominent figure by offering a higher-salary or better place at a new job. Although this happens a lot with developers, the deal struck by several tech companies focused on executive poaching rules.
The four companies tried to make a settlement before, but Judge Lucy Koh, who was also the judge that forced Samsung to pay $1 billion in fines to Apple back in 2013, rejected the settlement offer claiming the companies would have to pay $380 million.
Apple, Google, Intel and Adobe have went even higher with a $415 million settlement, clearly sick of the court cases, and the potential negative media attention on how they treat workers.
Pixar, Lucasfilm and Intuit all made settlements up to $20 million, meaning the final settlement could reach $435 million for the no-poaching lawsuit.
There is currently a five year no-solicitation agreement between the companies involved, which is expected to end in 2015. The Justice Department managed to find emails from Apple's then-CEO Steve Jobs and ex-Google CEO Eric Schmidt, regarding executive lists.
Silicon Valley is one of the most prominent employment bases in the world, with thousands of developers flocking to San Francisco every year to join the illustrious companies always in the news.
Some of the wages in Silicon Valley are ridiculous, and it is clear back in 2005 several executives were worried the rapid growth would only accelerate the pay rises for executives.
TagsIntel, Adobe, no-poaching agreement
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