Walmart customers who purchased specifically weighted groceries or bagged fruit may find themselves eligible for a slice of a $45 million settlement following a class action lawsuit alleging overcharging by the retail giant.
The Walmart lawsuit, filed in October 2022, asserts that Walmart inaccurately increased product weights mislabeled bagged produce, and overcharged for clearance items.
Who Are Eligible to Receive Waltermart Settlement Payment?
Walmart customers who bought weighted foods between October 19, 2018, and January 19, 2024, are eligible for the payout. Importantly, the settlement's ultimate approval awaits a hearing set for June 12, 2024, according to USA Today.
The opt-out request deadline is May 22, 2024, and Walmart reminds customers that the claims window closes on June 5, 2024. As the process progresses, affected individuals should stay tuned in and act quickly to safeguard their claims.
Customers with valid product receipts obtain 2% of the entire cost, to a maximum of $500. Without receipts, claimants might get $10 to $25 depending on the quantity of things bought, according to the settlement's website.
(Photo : Michael M. Santiago/Getty Images) The Walmart company logo is displayed on a screen at the New York Stock Exchange during morning trading on February 23, 2024 in New York City. The market opened continuing its rise after yesterdays closing with the S&P 500, the Nasdaq Composite posting their best day since early 2023 and the Dow Jones surpassing 39,000 for the first time ever amid Nvidia reporting a stronger-than-expected quarterly results.
Walton Family Adds $1.5 Billion to Their Bank Account
In another update, SEC documents indicated that the Walton family made $1.5 billion after selling 9 million Walmart shares last week.
Walmart founder Sam Walton's heirs profited from the retail giant's rising stock prices, reaching record highs with three smart deals. According to Business Insider, these recent divestitures contributed to a cumulative gain of nearly $2.3 billion for the Walton family in the past three months.
This financial strategy, disclosed in 2015, seeks to keep the family's ownership below 50% of the company while supporting charitable initiatives. Walmart's robust stock performance since 2016 has significantly augmented the combined wealth of siblings Rob, Alice, and Jim Walton, exceeding $100 billion and securing their status as the world's wealthiest family.
The three Waltons have a $226.3 billion collective net worth.
The development comes after an earlier deal reported by Venture Capital Post about Walmart's acquisition of TV manufacturer Vizio for $2.3 billion, a strategic move aimed at strengthening its advertising business.
Timed with the disclosure of fourth-quarter earnings, the acquisition positions Walmart to leverage Vizio's influence in the television market, particularly for advertising ventures.
Priced at $11.50 per share, the deal aligns with Walmart's longstanding association with Vizio devices, sold through both Walmart and its Sam's Club chain. Walmart wants to leverage Vizio's SmartCast Operating System to transmit free, ad-supported TV content to boost profits.
Walmart Connect's 22% advertising revenue increase in the fourth quarter supports its plan to build its media division, which might have greater profit margins than conventional retail categories.
Walmart has about 500,000 employees worldwide, including 1.6 million in the US. Walmart employees earned $27,136 on average in 2023.
Join the Conversation