FedEx, fighting charges that it discriminated against people of color, has agreed to settle the dispute for almost $55 million, according to a report this morning.  The overnight delivery company has also agreed to overhaul its pay, discipline, and promotion policies.

The FedEx explanation for the settlement?

"We voluntarily entered into the consent decree because we believe that this action demonstrates our deep commitment to diversity and equal employment opportunities." In the consent decree, FedEx Express also continues to deny that it practiced discrimination.

The dispute involved FedEx's Basic Skills Test, used in personnel decisions, which whites passed at disproportionately higher rates than blacks and Hispanics.