As per reports many Silicon Valley companies have signed a settlement of about $324.5 million to stop each other from poaching employees. Some 64,000 employees are said to be in fray for this settlement. This agreement will stop companies from hiring each other’s employees.
Apple didn’t agree at first as it said its former CEO Steve Jobs was not in for such settlements with Adobe, Google has now agreed to a settlement. This move has come after many allegations of hiring one others top employee brass. Some revelations also alleged former Apple CEO Steve Jobs of threatening Google Executive Eric Schmidt after he had hired former Apple employees.
But $324.5 million is a very small amount compared to the gigantic revenues of these companies. Some experts say that this is a smart move by companies as settling on this amount will be far less than the legal fees amounted by a prolonged lawsuit.
So people like Mike Devian one of the four plaintiffs arguing that this is a very small amount for which the companies have got away and this will not restrict them from breaking the agreement and hiring people from other companies. This lawsuit will be heard by District Judge Lucy Koh, who has presided over several Apple vs. Samsung patent trials in the US, will hear this case on June 19.