Wal-Mart Raises Wages -- Only After a Fight In Court

Wal-Mart Stores is finally raising the minimum wage it pays its employees, but don't believe that it's coming from the goodness of the hearts of the billionaire owners', the Waltons. The discount retailer said in a statement that it's fiscal fourth-quarter earnings were reduced by certain one-time "discrete" items, including a 5 cents-a-share charge for "a wage and hour litigation matter." Basically, the company is implementing its new wage policy, after a fight in court. Meanwhile, in a letter to its employees, Chief Executive Doug McMillon said: "One of the reasons we've had some success is that we've known that every person, every voice, every idea has potential. You've heard us say things like our secret to success is that we're all working together and that 'our people make the difference'....It's what I believe. Our actions must match our beliefs."