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IBM agrees to pay $65M to settle overtime suit

Payout settles class-action lawsuit alleging company unlawfully withheld overtime pay from some employees.

IBM said on Wednesday it agreed to pay $65 million to settle a class-action lawsuit alleging it unlawfully withheld overtime pay from some employees. The settlement, which still must be approved by a U.S. federal court judge, allows workers in IBM's technical services professional and information technology specialist job categories to apply for payment according to a formula.

IBM said it decided to settle the case without admitting wrongdoing or liability. It set aside a provision for the settlement in the third quarter of this year.