Lumber Liquidators Reaches Agreement on Chinese-Made Flooring Class Action Suit

Lumber Liquidators reported late yesterday that it has completed a memorandum of understanding (MOU) with plaintiffs that purchased Chinese-made laminate flooring for the period of January 1, 2009 to May 31, 2015 to settle all legal claims.  Under the terms of the MOU, Lumber Liquidators has agreed to contribute $22 million in cash and provide $14 million in store-credit vouchers, for a total of $36 million.  The company has made clear that the MOU does not represent an admission of fault or liability, and that the company discontinued sale of the product in question in May 2015.  The MOU is subject to the execution of a settlement agreement, which will also needs to be approved by the courts, Plaintiffs’ counsel and Lumber Liquidator’s Board.  See Lumber Liquidators Announcement


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