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Morton’s settles wage-and-hour claims

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Morton’s settles wage-and-hour claims By Mark  Brandau



CHICAGO (July  24, 2009) Morton’s Restaurant Group, the Chicago-based parent of the 78-unit Morton’s The Steakhouse chain, announced the settlement of several wage-and-hour claims dating back to 2003, including a class-action suit filed against the company in 2005.

 Morton’s denied the allegations of the claims, but said it settled in order to spare the company further legal fees and management time devoted to the litigation.

Under the term’s of the settlement, Morton’s will pay an undisclosed amount of cash to the plaintiffs over a four-year period as well as issue preferred stock, which will have an aggregate liquidation preference of $6 million, following the court’s approval.

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