California corporations steal billions from their employees

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Wells Fargo, the most feckless company in California.

The Los Angeles Daily News reports on a stunning research study that shows just how much California corporations steal from their employees. Yes, we said steal.

Here’s just a bit from the Daily News report:

More than 500 large U.S. companies have paid out $8.8 billion in wage-theft claims since 2000 and more than half are from California, a new report finds.

The companies — including mega brands Wells Fargo, Children’s Hospital Los Angeles, 24 Hour Fitness, Oracle and Smart & Final — have boosted their profits by forcing employees to work off the clock or by not paying their required overtime, according to “Grand Theft Paycheck: The Large Corporations Shortchanging Their Workers’ Wages.”

The study was published June 5 by the Corporate Research Project of Good Jobs First and the Jobs With Justice Education Fund.

The longstanding practice of denying workers fair wages is “pervasive” and “goes far beyond sweatshops, fast-food outlets and retailers,” according to Philip Mattera, lead author of the report.

The report analyzed 1,200 successful wage-violation lawsuits brought against large companies that have been resolved either by a verdict or settlement from 2000 through May 1 of 2018. Employers in those cases have collectively paid out billions on behalf of workers that range from cashiers and security guards to financial advisers and pharmaceutical sales representatives.

Those same 500-plus companies paid another $400 million in penalties to the U.S. Department of Labor’s Wage and Hour Division.

Most of the companies accused of wage theft are highly profitable. Among the dozen most penalized corporations, all but two had an annual income of more than $2 billion in the most recent fiscal year, the report said. Wells Fargo and a few others each logged more than $20 billion in profits.

It’s amazing. The full story is well worth the read.

Get it here:


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