(a) Compromise of certain existing claims under the Fair Labor
Standards Act of 1938, the Walsh-Healey Act, or the Bacon-Davis
Any cause of action under the Fair Labor Standards Act of 1938,
as amended [29 U.S.C. 201 et seq.], the Walsh-Healey Act [41 U.S.C.
35 et seq.], or the Bacon-Davis Act,(!1) which accrued prior to May
14, 1947, or any action (whether instituted prior to or on or after
May 14, 1947) to enforce such a cause of action, may hereafter be
compromised in whole or in part, if there exists a bona fide
dispute as to the amount payable by the employer to his employee;
except that no such action or cause of action may be so compromised
to the extent that such compromise is based on an hourly wage rate
less than the minimum required under such Act, or on a payment for
overtime at a rate less than one and one-half times such minimum
hourly wage rate.
(b) Waiver of liquidated damages under Fair Labor Standards Act of
Any employee may hereafter waive his right under the Fair Labor
Standards Act of 1938, as amended [29 U.S.C. 201 et seq.], to
liquidated damages, in whole or in part, with respect to activities
engaged in prior to May 14, 1947.
Any such compromise or waiver, in the absence of fraud or duress,
shall, according to the terms thereof, be a complete satisfaction
of such cause of action and a complete bar to any action based on
such cause of action.
(d) Retroactive effect of section
The provisions of this section shall also be applicable to any
compromise or waiver heretofore so made or given.
(e) "Compromise" defined
As used in this section, the term "compromise" includes
"adjustment", "settlement", and "release".