Mohawk Industries Inc., manufacturers of wood laminate and other flooring products, has settled a Mississippi class-action lawsuit for $60 million.
The company entered into an agreement Jan. 16 with plaintiffs to resolve the securities class action lawsuit. Mohawk and certain of its executive officers were named as defendants in this lawsuit initially filed on January 3, 2020, in the United States District Court for the Northern District of Georgia.
In a statement, the company admitted no wrongdoing, and said it believes that this Securities Class Action is without merit and that it has substantive defenses to the claims of liability and damages. The company said it settled because further litigation would be “protracted, burdensome and expensive.”
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