Class Action Lawsuits Against O Reilly Automotive Inc.
CSK was sued in class action. A settlement agreement relating to pending securities class action litigation was preliminarily approved.
The settlement amount was $10.0million in cash and 178,010 shares of CSK common stock.
This settlement was approved by the court, the litigation was dismissed with prejudice pursuant to the settlement, and judgment was entered on the same date.
Prior to the closing of O'Reilly's acquisition of CSK, the cash amount was paid and the CSK common stock were issued in settlement and then the common stock was subsequently acquired by O'Reilly as part of the transaction.
A class action suit was brought against Hi/LO.
The case sought to certify a class action on behalf of persons or entities in the States of Texas, Louisiana and California that have purchased a battery from Hi/LO.
The case states that Hi/LO offered and sold "old," "used" and "out of warranty" batteries as if the batteries were new, resulting in claims for violations of deceptive trade practices, breach of contract, negligence, fraud, negligent misrepresentation and breach of warranty.
The case was seeking, on behalf of the class, an unspecified amount of compensatory and punitive damages, as well as attorneys' fees and pre- and post-judgment interest.
The Trial Court certified this class.
O Reilly Automotive appealed the decision to certify the class in the Court of Appeals for the Ninth District of Texas.
The Court of Appeals issued an opinion affirming the Trial Court's decision to certify the class. At that time, O Reilly Automotive appealed the opinion by seeking a mandamus from the Supreme Court of Texas.
The Supreme Court of Texas required the plantiff to file a response, which was filed. Then, O Reilly Automotive filed a reply to that response.
The Supreme Court of Texas denied the appeal for a mandamus.
O Reilly Automotive reached a favorable verbal settlement with the plaintiff's counsel.
The settlement documents are currently being prepared and will be subject to the approval of the Trial Court.
The case was filed in the District Court of Jefferson County, 60th District Court. The case was filed as Cause No. B-157,070.