Boohoo reaches final settlement in US class action claim
By Iain Gilbert
Date: Tuesday 24 May 2022
(Sharecast News) - Fast fashion retailer Boohoo has reached a final settlement in a class action claim brought against it after the company was alleged to have misled shoppers with fake promotions.
Boohoo, which initially reported it had agreed to terms in a preliminary settlement back in November 2021, stated the settlement comes without any admission of liability and fell within the existing £17.8m legal claims provision disclosed in its latest audited accounts.
The AIM-listed group highlighted that the settlement remained subject to review and approval by the District Court of California.
Boohoo was alleged to have offered significant discounts to US customers based on inflated original prices.
As of 1025 BST, Boohoo shares were down 4.63% at 78.70p.
Reporting by Iain Gilbert at Sharecast.com
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