Tuesday, February 5, 2008, 4:25 PM

Caribou Coffee Agrees to FLSA Settlement

Caribou Coffee Co. said it has agreed to pay more than $2.7 million to settle a labor dispute.

Minnesota-based Caribou (Nasdaq: CBOU) was sued in 2005 by three former employees who alleged that the company misclassified its retail coffeehouse managers as exempt from overtime provisions, which they said was a violation of the Fair Labor Standards Act. The suit was eventually expanded to class status, including other current and former managers.

Caribou said Monday in an SEC filing that it would settle the suit by agreeing to pay $2.7 million, plus its share of payroll taxes.

Click here to read about the settlement (pdf).

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