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Magnet Toy Class Action Settlement

Magnet Toy Class Action Settlement

NEWARK, N.J., Sept. 30, 2011 -- On August 17, 2011, the Honorable Susan D. Wigenton, U.S.D.J., preliminarily approved a proposed class action settlement in the lawsuit Chris Doering, et al. v. MEGA Brands, Inc., et al., Civil Action No. 2:08-CV-1750 (SDW) (MCA), Defendants MEGA Brands, Inc., et al. have agreed to settle legal claims surrounding certain Magnet Toy products, many of which were subject to recalls instituted by MEGA Brands in cooperation with the Consumer Products Safety Commission (CPSC). Plaintiffs in the lawsuit alleged that certain "Magnet Toys" (as defined in the parties' agreement to settle the action) contained defective magnets, and sought a refund of all monies paid. This lawsuit did not allege any personal injury claims. Defendants have denied any and all liability. However, the parties have agreed to settle the matter to avoid the expense and resources that would be needed for further litigation.

The proposed Settlement covers over 10 million MEGA Brands Magnet Toys, including the Magnetix family of toys, as well as Mag-Warriors, Magnaworld, Magna-Bugs, Magna-Wheels, Magna-Saurs, and Magna-Bones, among others. A complete list of the "Magnet Toys" covered by the proposed Settlement as well as pictures of those toys is available for consumers to at www.megabrandssettlement.com.

Under the proposed Settlement, a consumer is considered to be a "Class Member" and eligible for payment if they bought or received a qualifying Magnet Toy. The amount of payment depends upon whether the Class Member returned a Magnet Toy that was subject to a CPSC recall, has a receipt or other proof of purchase, possesses physical evidence, such as a piece of the toy, toy packaging, or the manual, or submits a statement under oath that he or she purchased or received a qualifying Magnet Toy.

Under the proposed Settlement, a Class Member is eligible to receive payments up to a full refund for each toy they purchased if they provide proof of purchase. Other Class Members, who do not have proof of purchase, will receive an amount akin to the Suggested List Price of the toy, or other form of payment called for in the Settlement Agreement. Defendants also have agreed to contribute $100,000 in cash and product toward the establishment of a Foundation that addresses children's health issues.

Class Members do not need to do anything to stay in the Class; however, they must submit a claim form to receive cash benefits. Class Members will have up to 60 days after the Settlement becomes final to submit a claim. Those wishing to object or exclude themselves from the Settlement must do so no later than February 15, 2012.

Jack Reise of Robbins Geller Rudman & Dowd LLP and Laurence King of Kaplan Fox & Kilsheimer LLP have been appointed as plaintiffs' Settlement Class Counsel. Scott Louis Weber of Patton Boggs LLP represents Defendants. If approved, Defendants will pay fees, costs, and expenses of Settlement Class Counsel, as well as incentive awards to the individuals who brought the lawsuit. Those amounts will be paid separately by the Defendants and not be deducted from the proposed Settlement relief available to Class members.

More details about the Settlement and how to file a claim are available at www.megabrandssettlement.com or by calling 1-800-760-6332.

The Court will hold a final approval hearing on December 15, 2011. At that time, the Court will consider whether to grant final approval of the Settlement and award attorneys' fees. All potential Class Members are encouraged to visit www.megabrandssettlement.com or 1-800-760-6332 to determine if they are included and to obtain information about their legal rights.

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