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News
July 29, 2014

In The News Today – July 29, 2014

Smith & Wesson Holding Corp. agreed to pay $2 million to resolve a Securities and Exchange Commission investigation into allegations of violations of the Foreign Corrupt Practices Act. The SEC alleged incidents in Pakistan, Indonesia, Turkey, Nepal and Bangladesh — but of all the examples cited in the SEC’s order, the company only secured a contract with Pakistan, “selling about 548 pistols to the Pakistani police for about $210,000, securing a profit of about $107,000.” (WSJ Law Blog)

RPM International Inc. has agreed to pay nearly $800 million into a trust over four years to handle “asbestos-related injury claims against its Specialty Products Holdings Corp. unit and lift the home-repair products maker out of bankruptcy in Delaware.” The preliminary deal — reached with committees representing both current and potential future asbestos claimants — is centered on a plan of reorganization for Specialty Products that still needs approval from the bankruptcy court, the district court and the claimants themselves. (Law360)

Hooters, the nationwide sports bar and restaurant chain, became the latest high-profile company to be hit with a class action lawsuit under the Telephone Consumer Protection Act. The suit, filed in California federal court, alleges the company sent the plaintiff two unsolicited text messages—one on Father’s Day and another advertising an Ultimate Fighting Championship match—despite the fact that the plaintiff claims “he has never eaten at Hooters or otherwise consented to be contacted by the chain.” The plaintiff’s attorneys “estimate tens of thousands of consumers received such messages, if not more, according to the complaint,” and will seek both “$500 and $1,500 in damages” for negligent and willful violations, respectively. (Law360)

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