SKECHERS Announces Global Settlement in Advertising Cases
Skechers USA, Inc. (NYSE: SKX) today announced that it has settled all domestic legal proceedings relating to advertising claims made in connection with marketing its toning shoe products, including its Shape-ups® line of shoes. As discussed in the Company's previous annual report filed with the Securities and Exchange Commission, the Company has been involved in legal proceedings brought by the United States Federal Trade Commission, multiple states' Attorneys General and consumer class action lawyers, all investigating whether or alleging that the Company made unsupported advertising claims in connection with marketing its toning shoes.
As previously disclosed in the Company's annual and quarterly reports with the Securities and Exchange Commission, the Company will pay a one-time settlement of $45 million dollars plus $5 million in class action attorneys' fees to settle the domestic advertising matters and related claims on a global basis.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.