Lumber Liquidators Lawsuit Admirably
The department of justice announced today that lumber liquidators has agreed to pay a 33 million penalty for lying to investors regarding the sale of its laminate flooring from china.
Lumber liquidators lawsuit. Settlement reached a settlement has been reached on behalf of purchasers of lumber liquidators products. This settlement does not constitute an admission of liability by the company of any fault or liability. Plaintiffs filed their lumber liquidators class action lawsuit in december 2014 alleging that the company sold defective morning star bamboo flooring products.
Is resolving a class action with 14 million in cash payments and another 14 16 million in vouchers for its merchandise. The proposed settlement deal which is still subject to a california federal judge s approval is comprised of 14 million in cash and up to 16 million in store credit vouchers. According to the class action the flooring was prone to damage such as warping splitting shrinking and splintering.
As part of the lawsuit multiple chinese made flooring products were tested for formaldehyde levels and found to contain levels in violation of california law. The settlement will benefit class member consumers who purchased lumber liquidators morning star strand bamboo flooring between jan. 50 corporate park irvine ca 92606.
Lumber liquidators has agreed to pay 30 million to end a 2014 class action lawsuit in which consumers alleged the company s morning star strand bamboo flooring is uniformly defective and lasts nowhere near as long as its warranted 30 year lifespan. A proposed settlement has been reached in class action lawsuits involving class flooring sold by lumber liquidators between january 1 2009 and may 31 2015. According to the lawsuit these products include.
If you want to preserve any right to sue or continue to sue lumber liquidators on your own related to the issues to be resolved by this proposed settlement you must submit a written request for. You will not be eligible to receive any monetary payment but you will keep your right to sue lumber liquidators about the same legal claims in this lawsuit. The parties have agreed to settle these matters to avoid the expense and uncertainty of litigation.
Under the deferred prosecution the justice department will dismiss a charge of securities fraud in three years if lumber liquidators meets its obligations. The parties agreed that lumber liquidators would pay 22 million in cash and 14 million in store credit vouchers to settle all claims on behalf of purchasers of chinese manufactured laminate flooring sold by lumber liquidators between january 1 2009 and may 31 2015. C o cpt group inc.
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