Wal-Mart agreed to pay hundreds of millions of dollars to settle allegations that the company didn't pay workers for overtime or let them take breaks. The retail giant said it will pay plaintiffs in class actions and their lawyers between $352 million and $640 million. The move will settle 63 suits that were filed against the company in various state and federal courts over the past eight years.

The total amount to be paid will depend on the amount of claims that are submitted by class members, Wal-Mart said. As part of the settlement, Wal-Mart agreed to “use various electronic systems and other measures designed to maintain compliance with its wage and hour policies and applicable law.”

The company said the cost of the settlement will reduce fourth-quarter profits by $250 million, or 6 cents a share. The settlements are subject to court approval, but lawyers for the workers said they believed the agreement was fair.

“After many years of hard fought litigation, the parties have reached an agreement that values the work of Wal-Mart's employees by providing both economic and injunctive relief,” said Carolyn Burton of the Mills Law Firm, co-lead counsel in a group of 35 cases consolidated in Nevada and cases covering four other states, in a press release issued by Wal-Mart.

Tom Mars, executive vice president and general counsel, Wal-Mart Stores, Inc., noted that many of these lawsuits were filed years ago and “the allegations are not representative of the company we are today.”