Burned By Delay: Whirlpool Settles For Millions Over Hazardous Cooktops
Portfolio Pulse from Shivani Kumaresan
Whirlpool Corporation (NYSE:WHR) has agreed to pay $11.5 million in civil penalty to settle U.S. Consumer Product Safety Commission (CPSC) charges over hazardous cooktops. The company was accused of failing to report defects in its glass cooktops, which posed burn and fire hazards. The settlement requires Whirlpool to maintain internal controls and procedures to ensure compliance with the Consumer Product Safety Act.
August 25, 2023 | 11:12 am
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NEGATIVE IMPACT
Whirlpool's settlement of $11.5 million over hazardous cooktops could impact investor confidence and the company's reputation. The company's shares closed lower by 1.62% at $133.55 on Thursday.
The settlement is a significant financial burden for Whirlpool and could impact investor confidence in the company's ability to manage product safety. The news of the settlement could also negatively affect the company's reputation, potentially impacting future sales.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100