Thursday, October 15, 2009

Mattel agrees to multi-million dollar settlement

On October 13th, a preliminary settlement of as much as $50 million was announced in a class action suit against Mattel and its subsidiary, Fisher Price.

The class action suit was filed on behalf of millions of American families who purchased dangerous toys recalled in 2006 and 2007. These 14 million toys were recalled for excessive levels of lead paint or for small loose magnets that cause extreme internal damage or death if swallowed. Some of Mattel's most popular toys, like Polly Pocket, Barbie and Dora the Explorer, were included in the recalls.

Terms of the settlement, if accepted by the court, will include refunds for those who bought the products as well as reimbursement for medical expenses for lead testing and donations to the national network of children's hospitals.

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