11:48 AM EST, 11/26/2024 (MT Newswires) -- (Updates with Disney's ( DIS ) response in the sixth paragraph.)

Walt Disney Company ( DIS ) has agreed to pay $43.3 million to settle a lawsuit claiming that its female workers in California were paid $150 million less than their male counterparts over an eight-year period, Reuters reported Tuesday citing a statement by the plaintiffs' lawyers.

According to three law firms representing the plaintiffs, Disney ( DIS ) also agreed to hire a labor economist for three years to analyze pay equity and address differences.

The lawsuit was originally filed by LaRonda Rasmussen in 2019 after she discovered that six men with the same job title earned much more than her. Reuters said she was eventually joined by about 9,000 female Disney ( DIS ) employees in the suit.

According to the lawyers, the settlement agreement, which was filed in a California state court, still requires a judge's approval.

Reuters said the entertainment company had previously attempted to stop the class action and disputed the allegations and findings.

"We have always been committed to paying our employees fairly and have demonstrated that commitment throughout this case, and we are pleased to have resolved this matter," a Disney ( DIS ) spokesperson told MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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