Lumber Liquidators Reaches $36 Million Deal on Chinese Laminate Products

Lumber Liquidators said late Tuesday that it reached an agreement with a group of plaintiffs to settle lawsuits associated with Chinese-made laminate flooring previously sold by Lumber Liquidators during Jan. 1, 2009 to May 31, 2015.

Under the terms of the memorandum of understanding, Lumber Liquidators will pay $22 million in cash and provide $14 million in store credit to the plaintiffs.

“The company’s execution of the MOU does not constitute an admission by the company of any fault or liability,” said Lumber Liquidator in a statement.

The lumber retailer had come under fire after “60 Minutes” in 2015 reported that the company sold wood flooring containing dangerous levels of formaldehyde.

Source: MarketWatch

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