Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of high-performance wood-alternative decking and railing products, announced that on December 16, 2013, the U.S. District Court for the Northern District of California granted final approval of a settlement that resolves a nationwide class action lawsuit alleging certain misrepresentations and defects in Trex’s first-generation composite products relating to mold growth and color issues. The claim resolution process, the settlement agreement and class notice are available on www.trex.com/legal/2013classactionsettlement.aspx.
Under the terms of the settlement, Trex will provide to qualified claimants a one-time cash payment or the opportunity to receive other relief, including a rebate certificate on its newer-generation shelled products (Trex Transcend ® and Trex Enhance ®). This relief is available for any qualified claimant who purchased first-generation Trex composite product between August 1, 2004 and August 27, 2013 having a certain level of mold growth, color fading or color variation, and who meets certain other requirements as set forth in the settlement agreement.
“We are pleased to have a final resolution of this matter, with terms we feel are fair to both Trex and our consumers,” said Ronald W. Kaplan, chairman, president and CEO of Trex. “This settlement allows Trex to focus its attention on delivering our next generation of award-winning, high-performance outdoor living products.”
The cost to Trex under the settlement is capped at $8.25 million plus $1.475 million in attorneys’ fees to be paid to the Plaintiffs’ counsel.About Trex Company Trex Company is the world’s largest manufacturer of high performance wood-alternative decking and railing, with more than 20 years of product experience. Stocked in more than 6,000 retail locations worldwide, Trex outdoor living products offer a wide range of style options with fewer ongoing maintenance requirements than wood, as well as a truly environmentally responsible choice. For more information, visit trex.com . You also can follow Trex on Twitter (@Trex_Company) or Pinterest (trexcompany), “like” Trex on Facebook, or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo.).
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts