Michael Kors Settles Pricing Suit

Michael Kors Holdings Ltd. (New York) has settled its class-action lawsuit alleging that suggested prices on products sold at its outlet stores deceived customers into believing items were generally sold at higher prices, while the items were actually made exclusively for its outlets.

According to Business Insider, the company has agreed to a proposed settlement of $4.88 million paid to consumers who bought items from Kors outlets between July 25, 2010 and July 25, 2014. The company has also agreed to change the phrasing of “manufacturer’s suggested retail price” on tags to “value,” and to explain the meaning of “value” on in-store signage.

Kors has not admitted any wrongdoing, and the settlement is still pending court approval.