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Estee Lauder settles suit

This article was originally published in The Rose Sheet

Executive Summary

Pretax charge of $22 mil. or $13.5 mil. after tax will be taken in the fiscal fourth quarter ended June 30, 2003 in connection with the settlement of a class action lawsuit, Lauder states in a Security and Exchange Commission filing July 17. Charge will not have "material adverse effect on the company's financial situation," firm notes. Lauder entered settlement agreement July 16 with consumers of prestige cosmetics who claimed high-end cosmetic manufacturers and department stores were involved in price-fixing. Case has been pending in a California superior court since 1998. Lauder has not admitted any wrongdoing, but states it settled to avoid protracted and costly litigation...
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