Mattel Settles Suit Over Lead in Toys

Mattel needs to get past this lead issue as quickly as possible to avoid any further by press.

Mattel Settles Claims Over Recalled Toys With High Lead Levels

Oct. 14 (Bloomberg) -- Mattel Inc., the world's largest toymaker, settled a consolidated group lawsuit by consumers over recalled toys that contained excessive levels of lead.

"Mattel's previously reported financial results have included charges to reserve for this litigation, and the terms of this final settlement were not material to the company's operating results," the El Segundo, California-based company said yesterday in a statement.

The settlement provides "tens of millions of dollars in monetary relief," plaintiff law firm Whatley Drake & Kallas LLC said in a statement. Consumers who participated in the recall will get either a check for 50 percent of the total vouchers they sent in or $10, whichever is greater, according to the law firm.

Read more on Mattel's lead settlement.