Lumber Liquidators wins ruling on cancer warnings, shares jump
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(Reuters) - Lumber Liquidators Holdings Inc said a California court ruled in its favor against claims that it did not warn consumers about cancer-causing formaldehyde in some of its flooring products.
The company's shares rose about 7 percent to $17.45 in after-hours trading on Tuesday.
Lumber Liquidators said a Superior Court of the State of California entered judgment in favor of Lumber Liquidators, saying Global Community Monitor and Sunshine Park's evidence failed to support their claims. Global Community Monitor and Sunshine Park will pay $100,000 to Lumber Liquidators as reimbursement for costs, according to a separate settlement between the parties.
Global Community Monitor and Sunshine Park LLC had in 2014 filed a lawsuit claiming that Lumber Liquidators failed to provide a formaldehyde warning to California consumers.
The court in April had ruled tentatively in favor of Lumber Liquidators in a civil case that had accused the hardwood floor retailer of violating a California state law.
Lumber Liquidators has been under pressure since March last year, when CBS's "60 Minutes" report alleged that the company's laminate products sourced from China contained toxic levels of formaldehyde.
The company agreed not to sell its existing inventory of laminate flooring previously sourced from China, the U.S. Consumer Products Safety Commission (CPSC) said in June.
(Reporting by Subrat Patnaik and Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)
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