TOANO, Va. - Lumber Liquidators (NYSE: LL) won a lawsuit ruling relating to California's Proposition 65, for the moment dismissing claims that it failed to adequately warn consumers about cancer-causing formaldehyde in some its laminate flooring.
The largest specialty retailer of hardwood flooring in North America said of the lawsuit, originally filed on July 23, 2014 in the Superior Court of the State of California:
We are pleased that the Court has ruled in Lumber Liquidators' favor. This marks an important step forward for our company as we continue to focus on driving operational performance.
Over the past several months, we have made tremendous progress in strengthening Lumber Liquidators across every area of our organization. We have implemented significant enhancements to our sourcing and compliance practices, and we look forward to continuing to deliver products that are compliant with California's environmental standards. We are committed to operating with integrity and delivering quality products to our customers."
Lumber Liquidators agreed to a settlement of $2.5 million on the claims on March, with no formal finding of a violation.
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