Who really profits from those huge judgments in discrimination suits?
The Texaco race discrimination suit has just been settled. The almost mind-boggling amount of $176 million will end up being paid by totally innocent shareholders of the company, and average Joes and Janes spending more for gas. Of course, none of the money will be paid by the Texaco employees whose actions instigated the suit.
Where does all that money go? Well, it seems that the black employees of Texaco stand to gain a significant amount -- an average of $63,000 for each of 1,348 black employees working for the company during the time period covered. (Double the average yearly salary of American workers.)
But the big winners are, of course, the lawyers, who are seeking a fee of $29 million for bringing the suit. Yes, outraged readers, that's $63,000 per plaintiff, and $29 million for the lawyers representing the plaintiffs. And who says racism doesn't pay?
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Read more about it in the CNN Story.
