Mattel and Fisher Price agree to settlement over lead paint toys

Mattel Inc. and its Fisher-Price subsidiary have agreed to settle a consumer lawsuit for what could total more than $50 million over the 2007 recall of millions of toys made in China that were found to contain high levels of lead, the company said Tuesday. The proposed settlement will resolve 22 suits filed against Mattel and Fisher-Price and major retailers on behalf of millions of families who purchased or received the defective toys as gifts before they were recalled or withdrawn from market. Go here for the full story.