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Banks, insurers among most-penalized firms for wage theft; Walmart leads list

Banks and insurance companies feature in the list of the most-penalized firms for settling lawsuits over alleged wage theft practices, according to a report by Good Jobs First.

Retail giant Walmart Inc. topped the list with penalties of $1.41 billion. The list also features banking majors Bank of America Corp. with $381.5 million in penalties, Wells Fargo & Co. with $205.4 million and JPMorgan Chase & Co. with $160.5 million in fines. Insurer State Farm Insurance has $140.0 million in penalties in connection with wage theft suits, according to the report.

The retail industry recorded the highest aggregate penalties imposed on large companies at $2.71 billion, according to the report. This was followed by financial services at $1.36 billion, freight and logistics at $828.2 million, business services at $611.5 million and insurance at $557.2 million.

The report compiled records of collective action lawsuits on wage theft since January 2000. It identified 1,283 successful settlements and verdicts totaling $8.8 billion as well as 2,937 administrative fines totaling $440 million. More than 450 large companies paid out $1 million or more each in settlements and judgments of said complaints.