financetom
Market
financetom
/
Market
/
Dabur India's subsidiaries cleared in US litigation, Namaste remains as defendant
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Dabur India's subsidiaries cleared in US litigation, Namaste remains as defendant
Nov 15, 2023 12:25 PM

Homegrown FMCG maker Dabur India on Wednesday (November 15) said Dabur International Ltd and Dermoviva Skin Essentials Inc have been dismissed as defendants in federal cases before the United States District Court for the Northern District of Illinois.

Share Market Live

NSE

The dismissal was based on the lack of personal jurisdiction, as neither Dabur nor Dermoviva had any involvement in manufacturing, marketing, distributing, or selling hair relaxer products in the US.

Currently, Namaste Laboratories LLC remains the sole defendant in these cases, alongside other industry players such as L'Oreal, SoftSheen/Carson, Luster Products Inc, Avion Industries, Inc., PDC Brands (Parfums de Coeur, Ltd), and Revlon, among others.

Also Read: How Sula Vineyards plans to dominate the premium wine category

Dabur clarified that the lawsuit doesn't pertain to any Dabur brand or product, emphasising that Dabur India Ltd is not a party to these suits. The sale of hair relaxer products by Namaste constitutes less than 1% of the total consolidated turnover of Dabur India Ltd.

Namaste, expressing confidence in the safety of its products, denies any liability and has retained counsel to defend against the lawsuits.

The allegations are based on an unsubstantiated and incomplete study published in the journal of the National Institute of Health, a study already deemed redundant by the Cosmetic, Toiletry & Perfumery Association in the European Union.

Additionally, Namaste has product liability insurance cover in place to address potential damages, claims, and defense costs arising from the litigation. The company remains steadfast in its position that these lawsuits lack legal merit.

Also Read: Muthoot Finance expects 10-15 basis points increase in borrowing cost

Shares of Dabur India Ltd ended at ₹525.95, down by ₹4.20, or 0.79 percent on the BSE.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Wall St Week Ahead-Stock market's record-setting rebound may have further to go
Wall St Week Ahead-Stock market's record-setting rebound may have further to go
May 19, 2024
NEW YORK, May 17 (Reuters) - A rebound that has taken the U.S. stock market to record highs this week may have further to run, if history is any guide. Fresh signs of a cooling economy calmed inflation worries in May, helping all three major U.S. stock indexes rise to records this week. The benchmark S&P 500, which fell over...
Sector Update: Energy
Sector Update: Energy
May 18, 2024
03:25 PM EDT, 05/17/2024 (MT Newswires) -- Energy stocks were rising late Friday afternoon, with the NYSE Energy Sector Index adding 1.2% and the Energy Select Sector SPDR Fund (XLE) climbing 1.4%. The Philadelphia Oil Service Sector index was up 0.7%, and the Dow Jones US Utilities index was shedding 0.2%. Front-month West Texas Intermediate crude oil rose 1.1% to...
Stock Market To Rally For 3-5 Years Before AI Bubble Bursts, Predicts Veteran Analyst Gene Munster: 'We're In The Early Stages'
Stock Market To Rally For 3-5 Years Before AI Bubble Bursts, Predicts Veteran Analyst Gene Munster: 'We're In The Early Stages'
May 19, 2024
The stock market is set to continue its bull run for another three to five years before an AI bubble bursts, according to veteran tech analyst Gene Munster. What Happened: Munster, the managing partner at Deepwater Asset Management, predicts that the stock market will continue to rise due to the increasing adoption of AI technologies. He believes that this trend...
Stock market's record-setting rebound may have further to go
Stock market's record-setting rebound may have further to go
May 19, 2024
NEW YORK (Reuters) -A rebound that has taken the U.S. stock market to record highs this week may have further to run, if history is any guide. Fresh signs of a cooling economy calmed inflation worries in May, helping all three major U.S. stock indexes rise to records this week. The benchmark S&P 500, which fell over 4% in April,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved