Lumber liquidators holdings, inc. enters into definitive settlement agreement with the gold plaintiffs

Lumber liquidators holdings, inc. previously disclosed that, in march 2019, lumber liquidators, inc., who is a defendant in a putative class action litigation captioned dana gold, tammy emery, mary louise ference, laura norris, donald fursman, and john triana, on behalf of themselves and all other similarly situated v. lumber liquidators, inc., a delaware corporation; and does 1 through 200, inclusive, entered into a memorandum of understanding (‘gold mou’) with the lead plaintiff in the gold litigation, dana gold, on behalf of herself and all others similarly situated to memorialize an agreement in principle to settle the gold litigation on a nationwide basis. on september 30, 2019, the company entered into a definitive settlement agreement with the gold plaintiffs consistent with the terms of the gold mou (the ‘settlement agreement’). the settlement agreement is subject to approval by the united states district court for the northern district of california and other contingencies. the settlement fund will be used to pay notice and administrative fees relating to the gold litigation and to compensate those individuals that were putative class members during the class period. under the terms of the settlement agreement, the company will contribute $14 million in cash and provide $14 million in store-credit vouchers, with a potential additional $2 million in store-credit vouchers possible based on obtaining a claim's percentage of more than 7% (collectively, the ‘vouchers’), for an aggregate settlement of up to $30 million (the ‘settlement fund’) to settle all claims asserted in the gold litigation (or which could have been asserted in the gold litigation) on behalf of all persons in the united states who purchased for personal, family or household use, morning star strand bamboo flooring (the ‘putative class members’) at any time between january 1, 2012 through march 15, 2019.
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