Silicon Valley giants allegedly conspired to keep wages down

Posted at 7:31 PM, Apr 24, 2014
and last updated 2014-04-24 19:31:29-04

NEW YORK (CNNMoney) — Four big Silicon Valley tech companies reached a settlement on Thursday in a lawsuit that alleged they conspired not to poach employees from one another.

Kelly Dermody, a lawyer for the plaintiff’s, called the deal “an excellent resolution.” The settlement will now go before a judge for review.

Terms of the settlement were not made available.

Google confirmed the settlement but declined to comment further.

The other three companies involved in the deal — Apple, Intel and Adobe — did not immediately respond to requests for comment.

The lawsuit, filed in 2011, accused companies of agreeing not to recruit employees from one another as a way to keep wages down, a scheme allegedly hatched by deceased former Apple CEO Steve Jobs.

A judge granted the case class action status in October, and it was scheduled to go to trial on May 27.

–CNNMoney’s James O’Toole contributed to this report.

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