US retailer Lumber Liquidators will settle all pending litigations related to the laminate flooring products from China sold between 2009 and 2015, according to a Reuters report. The settlement is worth US$36 million.
The company’s shares went up nearly three per cent after the settlement announcement.
In 2015, CBS News 60 Minutes called out Lumber Liquidators for selling Chinese laminate flooring that exceeded formaldehyde emission standards. The product was later discontinued.
See also: The plight of Lumber Liquidators and The plight of Lumber Liquidators – A quick update.