The 60 Minutes story on Lumber Liquidators that led to a $36 million settlement

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Channel: 60 Minutes

Views: 610,038

Rating: 4.6213632 out of 5

Keywords: 60 Minutes, CBS News, Lumber Liquidators Inc., Laminate flooring

Id: dWu4gO9ZhKs

Length: 13min 20sec (800 seconds)

Published: Thu Oct 11 2018

Reddit Comments

[u/catherder9000]

$36 million settlement was approved this week.

https://www.cbsnews.com/news/36-million-settlement-approved-in-lumber-liquidators-lawsuit-60-minutes/

After the investigation, the company halted the sale of Chinese made laminate flooring in the U.S., and a number of top company executives, including its founder, Tom Sullivan, left the company.

Lumber Liquidators' stock decreased from a high of $114.19 a share in October 2013 to an October 2018 price of $13.93 per share. The company has also paid millions of dollars in regulatory fines and destroyed millions of dollars in nonconforming inventory. Lumber Liquidators paid $2.5 million in fines to California's Air Regulation Board and agreed to destroy 22 million board feet of flooring it pulled from shelves in May 2015, following the 60 Minutes report.

Cheap Chinese flooring cost them quite a bit in the end.

[u/CharliesMaster]

Wood floor pro here. Everyone in my field knows Lumber Liquidators sucks. They continue to suck. They will always suck. They have shit products, and shit sales people. Anytime a homeowner buys something from them, they have been deceived in some way. Every time a homeowner tells me they found something they like at LL I tell them to return it or call someone else, because I won’t install it. A garbage company with garbage people.

[u/flashtone]

This needs more traction. Yes its 60 minutes, but I still feel more should see it. Cutting corners to save company money is one thing. Knowingly putting unsafe levels of chemicals in products sold as compliant is a disgrace. I hope their stock plummets and the money they made in the last 5 years is lost.

[u/pm_me_awesome_music]

Mirror: https://www.youtube.com/watch?v=TTX-GQJpNF8

[u/JohnCodmanlives]

The free market will figure it out; why bother with those pesky regulations...

[u/are-e-el]

Bought engineered wood floor planks from LL ... GRRRREAT.

[u/[deleted]]

It seems like that should be a crime, which the CEO and others responsible should personally be on the hook for.

[u/MkLiam]

And people wonder why they keep headaches.

[u/BigFrodo]

Would love an Australian mirror if anyone has one.

edit: thanks /u/pm_me_awesome_music https://www.youtube.com/watch?v=TTX-GQJpNF8