Cosmetics price-fixing settlement
This article was originally published in The Rose Sheet
Executive Summary
Final approval hearing for settlement agreement between consumers of prestige cosmetics and various high-end cosmetic manufacturers and department stores will take place June 8 in Oakland, Cal. federal court, according to Cosmetics Antitrust Litigation Settlement Administrator. Agreement was reached last July and makes available to members of the class $175 mil. in department store cosmetics. Plaintiffs claimed that manufacturers including Estee Lauder, Chanel, Clarins and L'Oréal and department stores such Federated, May's and Dillard's conspired to fix the prices of cosmetics between May 29, 1994 and July 16, 2003 (1"The Rose Sheet" July 21, 2003, In Brief)...
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Estee Lauder settles suit
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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