Preliminary approval of a proposed settlement has been received from the responsible court with a final approval expected by the end of FY 2014/2015
Kaba’s provisions cover the costs
A major step has been taken on the way to settling the US class action lawsuit filed in late 2010 concerning Simplex mechanical pushbutton locks manufactured by one of Kaba Group’s US subsidiaries. The lawsuit claimed there were defects in specific models and misleading advertising. Kaba has consistently denied the allegations.
A proposed settlement has been reached between the representatives of the plaintiffs and Kaba, and a motion for preliminary approval of the proposed settlement was presented to the responsible court in Cleveland (Ohio). The court has granted the preliminary motion and a final hearing is scheduled before the end of FY 2014/2015.
The agreement proposes that Kaba provides non-cash benefits which, including legal costs, are covered by a provision set aside in FY 2010/2011.