Flooring manufacturer Lumber Liquidators says it will receive a $100,000 settlement from plaintiffs for costs incurred in defending itself against unproven claims that it failed to provide a formaldehyde warning on its flooring sold in California.
Lumber Liquidators hardwood flooring maker sponsors the inaugural Atlantic Coast Conference Football Tailgate Tour, which visit each of the 14 ACC Football campuses during the 2016 season, as well as at ACC FanFest during the Dr. Pepper ACC Football Championship Game in Charlotte, N.C.
Lumber Liquidators flooring fabricators will be monitored for years, and the wood and laminate retailer must check customer exposure to formaldehyde gas under terms of its settlement with the Consumer Products Safety Commission. Lumber Liquidators will implement California Air Resource Board (CARB) compliance rules nationwide for its floors.
Lumber Liquidators (NYSE: LL) hardwood flooring sales dropped precipitously at a time when other flooring firms are booming with the home building and remodeling industry. New CEO John Presley cites settlement of CARB issues.
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.
Lumber Liquidators Inc. has paid the California Air Resources Board (CARB) $2.5 million to settle claims that the company sold composite wood products that exceeded California formaldehyde limits, and failed to take reasonable precautions to ensure those products met such limits.
Mainstream media coverage on composite panels has failed to recognize the CARB compliance of products manufactured in North America, and the efforts made by the industry in addressing formaldehyde emissions, says CPA President Jackson Morrill. Regulatory enforcement is also needed to ensure a level playing field that keeps non-compliant products out of the marketplace.
John Presley, CEO of Lumber Liquidators, told his employees in an letter that he has leukemia. As the chief executive of a publicly traded company, Presley also had to file the letter with the Securities & Exchange Commission.