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Cosmetics Industry Reaches Accord in Price-Fixing Lawsuit

The beauty industry is being treated to a new legally mandated GWP tactic valued at $175 million as part of a settlement of a five-year old lawsuit.

Word of the settlement was first disclosed through a regulatory filing by Lauder to the Securities and Exchange Commission, via a Form 8-K, on Wednesday.

According to the filing, Lauder will take a special pretax charge of $22 million, or $13.5 million aftertax, equal to 6 cents a diluted share in the fourth quarter for the fiscal year that ended June 30, 2003. The charge, which includes cash and noncash items, will not have any material adverse effect on Lauder’s financial condition, according to the SEC filing.
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