WINCHESTER, Va.--(BUSINESS WIRE)--Dec. 18, 2013--
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.).
Source: Trex Company
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