Wm Morrison Supermarkets (LON:MRW) is facing a potential £100 million equal pay compensation claim, The Times has revealed. The blue-chip grocer joins rival Tesco (LON:TSCO) after law firm Leigh Day recently launched legal action against Britain’s biggest grocer on behalf of nearly 100 shop assistants who say that they earn as much as £3 an hour less than male warehouse workers in similar roles.
Morrisons’ share price fell on Friday, shedding 1.24 percent to close at 222.70p. The decline was largely in line with the broader market selloff, which saw the benchmark FTSE 100 index give up 105.74 points to end the session 1.47 percent in the red at 7,069.90, pressured by trade war fears. The grocer’s shares have lost more than eight percent of their value over the past year, as compared with a 4.2-percent dip in the Footsie.
Equal pay claims
The Times reported this morning that Morrisons was facing a potential £100 million equal pay compensation claim, with more than 170 possible claimants, predominantly women, preparing to launch a legal challenge demanding pay parity for carrying out work of ‘equal value’ with staff, often men, working in distribution centres and warehouses.
The potential claim against the blue-chip grocer is being led by law firm Roscoe Reid, which is working in partnership with workers rights’ specialist Pay Justice. The newspaper quoted the law firm as saying that it had received interest from hundreds both present and former Morrisons employees in the first few days after launching its campaign.
Analysts on Morrisons
The 14 analysts offering 12-month price targets for Morrisons for the Financial Times have a median target of 230.00p on the shares, with a high estimate of 275.00p and a low estimate of 170.00p. As of March 3, the consensus forecast amongst 19 polled investment analysts covering the blue-chip supermarket advises investors to hold their position in the company.
As of 07:43 GMT, Monday, 05 March, Wm. Morrison Supermarkets plc share price is 222.70p.