Faruqi & Faruqi, LLP, Settles Mattel Derivative Suit for $16.9 Million

On January 7, Mattel Inc. reached a settlement in a shareholder derivative lawsuit related to the recall of Fisher-Price branded “Rock ‘n’ Play Sleeper,” In re Mattel, Inc. Rock ‘N Play Stockholder Derivative Litigation, Consol. C.A. No. 2020-0552 (Del. Ch.). This settlement follows Fisher-Price and Mattel’s agreement in July 2024 to pay $19 million to settle Rock ‘n’ Play purchasers’ claims. Mattel and Fisher-Price recalled 4.7 million Rock ‘n’ Play Sleepers in 2019, following a series of reports of infant deaths.

The parties agreed to settle the derivative lawsuit for $16.9 million, along with significant corporate governance reforms at the company. The settlement is subject to court approval, and a hearing is set for April 1.

For further inquiries related to this matter, please contact Timothy J. Peter at tpeter@faruqilaw.com.

Read more at: https://www.law360.com/retail/articles/2280742/mattel-agrees-to-16-9m-deal-ending-suit-over-unsafe-sleeper.