Mega Brands Reaches Preliminary Settlement over Magnetix Toys

New York, NY: A defective product class action lawsuit filed against Mega Brands has reached a preliminary settlement this week, with the toymaker stating that, under the terms of the settlement, it will provide refunds for qualified US claimants.

If approved, the settlement would refund the price of the magnet toys, which were recalled in 2006, 2007 and 2008. The class action was filed following the recalls of "Magnetix" toys. The recalls were prompted by the death of one child and 27 other children suffering serious injuries from swallowing the small magnets, which came loose.

According to a statement issued by Mega Brands on Tuesday, September 25, the class action did not make any claims of personal injury, but rather claimed that the magnets were defective. Retailer Target was also named as a defendant in the lawsuit. If the settlement is approved, the defendants will donate $100,000 cash and toys to a new foundation set up to address children's health issues - that is in addition to the customer refunds.

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Published on Sep-29-11