---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-013434"
form_type: "8-K/A"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2024-02-09T23:59:59+00:00"
generated_at: "2026-06-06T05:03:01.757342+00:00"
event_type: "litigation"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# CBU records $5.8M wage litigation accrual; cuts Q4 2023 EPS by $0.08

## Summary
- Settlement agreed on Feb 5, 2024 for threatened class action under FLSA and state labor laws.
- Litigation accrual of $5.8M reduces Q4 2023 net income to $33.7M and diluted EPS to $0.63.
- Full-year 2023 net income cut to $131.9M; diluted EPS reduced to $2.45 from $2.54.
- Settlement subject to documentation and court approval; no further accruals expected.

## SEC filing metadata
- accession: 0001104659-24-013434
- form_type: 8-K/A
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2024-02-09T23:59:59+00:00
- event_type: litigation
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465924013434/0001104659-24-013434-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465924013434/tm245711d1_8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-013434
- JSON: https://secwatch.observer/filing/0001104659-24-013434.json
- Plain text: https://secwatch.observer/filing/0001104659-24-013434.txt

## Key facts
- Earnings Releases
  COMMUNITY FINANCIAL SYSTEM, INC. reported the fiscal year and fourth quarter ended December 31, 2023 results: net income $33.7 million and $131.9 million for the fourth quarter of 2023 and full year 2023, respectively, EPS $0.63 and $2.45 for the fourth quarter of 2023 and full year 2023, respectively.
  - Period: the fiscal year and fourth quarter ended December 31, 2023
  - Net income: $33.7 million and $131.9 million for the fourth quarter of 2023 and full year 2023, respectively
  - EPS: $0.63 and $2.45 for the fourth quarter of 2023 and full year 2023, respectively
  - Result: reported results
  source text: On January 23, 2024, the Company announced financial results for the fiscal year and fourth quarter ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465924013434/0001104659-24-013434-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.