LITTLE ROCK — Suit settlement plan bills Tyson $950,000
COUNCIL BLUFFS, Iowa - Tyson Foods Inc.
would pay $950,000 under the proposed settlement of a class-action lawsuit covering roughly 1,200 workers at a Council Bluffs, Iowa, meat-processing plant who claimed wage violations, but most of the money would go to their lawyers.
Federal court documents filed this week show Springdale-based Tyson Foods reached the tentative agreement with attorneys representing the workers.
Both sides are asking for approval from U.S. District Judge John Jarvey.
The lawsuit claimed Tyson failed to compensate employees for time and overtime they spent putting on, taking off and cleaning their clothes and equipment. Tyson denied any violations and the settlement would not be an admission of wrongdoing.
The deal would reimburse the plaintiffs’ lawyers $340,000 for the out-of pocket costs they incurred during the litigation and award $309,000 in compensation for attorney fees. At least three law firms worked for the plaintiffs in the case.
Current and former hourly production workers at the beef- and pork-processing plant could claim payments from a $271,000 settlement fund.
- The Associated Press
Fitch affirms rating on PB sewer bonds
Fitch Rating Service on Friday affirmed its rating on $3.2 million in series 2010 sewer revenue refunding bonds for the city of Pine Bluff.
The rating on the bonds will remain at AA-, Fitch said. That is the fourth highest rating Fitch gives, behind AAA, AA+ and AA.
The bonds are secured by a first lien on and pledge of the gross revenue of the city’s sewer system.
The city utility’s five year capital plan - primarily for rehabilitating infrastructure - totals $5.6 million. About a third of that is projected to be debt-funded with the remainder funded by operational revenue, Fitch said.
The city’s top three sewer customers are Tyson Foods; Arcelor, a steel belt manufacturer; and Jefferson Regional Medical Center, Fitch said. The three account for 16 percent of operating revenue, Fitch said.
- David Smith
USA Truck only stock to rise; index dips 3.48
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 3.48 to 245.17 Friday.
All but one stock of the 16 in the index declined.
Among those falling, Acxiom lost 4.2 percent in heavy trading. USA Truck was the only winner, rising 2.4 percent in average trading.
For the past five days, 10 stocks rose and six lost ground.
Volume was 30.1 million shares Friday, compared with average daily volume of 21.1 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 29 on 11/03/2012