Snap-on Tools Co.

October 30 2006

Newark, NJ: A class action lawsuit was filed on behalf of former and current franchisees against the mechanic tool and equipment dealer. The class claimed deceptive business practices on the part of Snap-on caused their franchises to fail. US District Court Judge Dennis Cavanaugh approved a settlement valued at more than $125 million which will affect 3,200 current Snap-on dealers and 2,900 former Snap-on dealers. Snap-on will forgive over $60 million in debt and pay $38 million for current and former dealer. (Oct-28-06) [ASBURY PARK PRESS: SNAP-ON SETTLEMENT]

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