Lumber Liquidators paying $33M to settle US fraud charges

WASHINGTON — Lumber Liquidators will pay $33 million to settle fraud charges by federal authorities who accused the company of falsely saying its Chinese-made laminate flooring met formaldehyde emissions standards.

The company, based in Toano, Virginia, is one of the biggest retailers of flooring products in the U.S. Its settlements of criminal and civil fraud charges, related to statements it made in 2015, were announced Tuesday by the Justice Department and the Securities and Exchange Commission.

Under an agreement, the Justice Department will defer prosecution of Lumber Liquidators and dismiss the charges after three years on condition the company takes remedial actions.

CEO Dennis Knowles said in a prepared statement the company has made sweeping changes "and will continue to take steps with the new executive team to better Lumber Liquidators."

You may also interested in

Zika researchers seeking volunteers willing to be infected

Aug 19, 2016

Researchers looking for volunteers willing to be infected with the Zika virus as part of effort to develop vaccines

Delphi, Mobileye join forces on autonomous car platform

Aug 23, 2016

Auto parts and electronics company Delphi Automotive is joining with Israeli software maker Mobileye to develoDelphi and Mobileye plan to build a complete autonomous driving platformp the building blocks for a fully autonomous car in about two years

McDonald's recalls millions of Happy Meals fitness bands

Aug 23, 2016

McDonald's recalling millions of fitness bands included in Happy Meals because they might cause skin irritation

People also read these

Officials: Zika won't hurt South Florida tourism in long run

Aug 20, 2016

The discovery of Zika-carrying mosquitoes in South Florida certainly isn't ideal for tourism, but local officials and business leaders are confident the long-term impact on the tourism industry will be minor

Best Buy posts higher profit, better online and store sales

Aug 23, 2016

Best Buy's profit has jumped 21 percent for the second quarter

US wants to force lower speeds on truck and bus drivers

Aug 26, 2016

The U.S. wants to forcibly limit how fast trucks, buses and other large vehicles can drive on the nation's highways

Emporium Post fulfils the need to know all things about consumers and how businesses can take this opportunity to reach their own customers.

Contact us: sales@emporiumpost.com

Join our mailing list now!