Founder of Buckyballs Agrees to Pay for Product Recall
In the culmination of a nearly year-long legal battle, Craig Zucker, founder of the popular magnetic toy Buckyballs, and the Consumer Product Safety Commission (CPSC) have reached a settlement agreement. According to the Washington Post, Zucker will establish a trust fund to pay for the recall of the potentially dangerous toy.
More about the Buckyball Settlement
According to the CPSC, nearly 1,000 children have been injured after swallowing the small magnets that make up the popular office toy known as Buckyballs. The magnets attract in the internal organs of children and require major surgery to retrieve the items.
The CPSC, citing the toys as a “substantial hazard” sought to have the products recalled. Because the CPSC does not have the funding to conduct recalls itself, federal regulators filed a lawsuit against Zucker in an attempt to force him to pay for the recall.
On Monday, it was announced that Zucker would establish a trust fund to pay for at least part of the estimated $57 million cost of the recall.
The CPSC says consumers should immediately stop using Buckyballs and other magnetic toys as well as locate any pieces that may have become separated from the toy. The trust established by Zucker will be used to provide refunds to those who return the products.
RECENT MEDICAL MALPRACTICE RESULT
$10.9 MillionExpenses: $175,000.00 | Attorneys Fees: $3,200,000.00 | Net to Client: $4,029,762.00 (Purchase of a Lifetime Annuity)
RECENT VEHICLE RECALL RESULT
$30.2 MillionExpenses: $39,576.15 | Attorneys Fees: $10,060,980.00 | Net to Client: $20,121,960.57