November 08, 2006
Snap-on Settles class action
A New Jersey federal District Court recently approved a settlement of a class action lawsuit brought by a group of Snap-on tools dealers. According to this article, the settlement, which affects approximately 3,200 existing and 2,900 former dealers, requires Snap-On to pay $38 million in damages and attorneys fees, and also requires the company to forgive about $61.6 in debt. Snap-on also agreed to change some of its business practices, including reducing the required investment for initial inventory and improved initial training for new franchisees.
Posted by franchiselawblog at November 8, 2006 03:20 PM