Provident settles wage-and-hour PAGA suits for $231,600; expense recognized in Q3 FY2025

PROVIDENT FINANCIAL HOLDINGS INC

Aggregate settlement of $231,600 resolves all individual and PAGA claims by former employees Cheryl Jones and Jennifer Williams.
No litigation reserve existed; full $231,600 expense recognized in fiscal Q3 2025, plus future defense costs.
Claims included misclassification as exempt, missed breaks, off-the-clock work, and incorrect wage statements under California law.
Settlement includes dismissal of all claims without admission of liability; subject to final agreement and court approval.
Bank will also pay settlement administrator fees, plaintiff service payments, and plaintiff counsel's fees and costs.

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