Duane Reade Settles Litigation

New York City Duane Reade said Wednesday that it has reached a $3.5 million litigation settlement that will result in a $3.5 million one-time, pre-tax charge for the fourth quarter. The company has admitted no liability.

The two class-action cases stem from the retailer’s alleged past-payment practices for certain overtime and employee non-exempt classifications.

The settlement is subject to court approval.