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Google, Apple, Intel and Adobe Pay $324 Million to Settle Workers' Lawsuit

Stocks in this article: GOOG AAPL INTC ADBE

NEW YORK (TheStreet) -- Google, Apple, Intel and Adobe Systems have reportedly paid $324 million to settle a class-action lawsuit alleging the tech titans conspired to hold down workers' wages as part of non-poaching agreements.

VIDEO TRANSCRIPT:

Google (GOOG), Apple (AAPL), Intel (INTC) and Adobe Systems (ADBE) have settled a class-action lawsuit accusing the tech titans of conspiring to hold down workers' wages.

The lawsuit, filed back in 2011 and set to go to trial in May, involved approximately 64,000 employees.  The employees accused the companies of having a non-poaching agreement that prevented workers from seeking out better-paying jobs. Emails between late Apple co-founder Steve Jobs and former Google chief executive Eric Schmidt that reportedly contained plans to avoid recruiting each other's employees were said to be a large basis of the case.

WATCH: More videos from Brittany Umar on TheStreet TV

Reuters reported, according to a court filing, the companies agreed to pay a sum of $324 million to settle the suit.

As part of a 2010 settlement with the Department of Justice, Google, Apple, Intel and Adobe were several of the companies that agreed not to enter into no-hire agreements in the future. 

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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