Yeti is recalling nearly two million soft coolers and gear cases, including the Hopper M30 Soft Cooler 1.0 and 2.0, Hopper M20 Soft Backpack Cooler, and SideKick Dry Gear Case, due to a magnet ingestion hazard. The products, sold between March 2018 and January 2023, feature large internal pockets with powerful magnet closures that can […]
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Tag Archives: contingent liabilities
How would Kraft account for the contingent liability arising from a class action lawsuit alleging that it takes more than the advertised 3 ½ minutes to prepare Velveeta Microwaveable Shells & Cheese cups?
November 28, 2022 
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On the packaging of Velveeta Microwaveable Shells & Cheese cups, it says that it takes three and a half minutes to cook to the right consistency of cheese. However, for one upset Florida woman, it seems to be untrue. According to the South Florida Sun-Sentinel, Amanda Ramirez has filed a proposed class-action lawsuit accusing Kraft […]
Continue readingDoes GM have a contingent liability for its 2015 – 2019 Chevrolet Corvettes?
October 12, 2020 0 Comments
Recently, a class action lawsuit was filed against General Motors (GM) accuses GM of using inferior materials and a faulty manufacturing process that resulted in poor quality wheels on its 2015 – 2019 Chevrolet Corvette sport cars. The 18 parties who filed the lawsuit state that wheels on their Corvettes have bent or cracked even […]
Continue readingWould Subway have disclosed or accrued for the class-action lawsuit filed against it for the length of its footlong subs?
September 5, 2017 0 Comments
Nine Subway customers joined forces to file a class-action lawsuit against Subway, alleging that its footlong submarine sandwiches were not actually a foot, or 12 inches, in length, but were closer to 11 inches. The class action suit was filed in 2013 and Subway settled a few years later, agreeing to pay the plaintiffs’ attorneys […]
Continue readingHow should Ford treat the contingency resulting from the Ford Mustang Shelby GT350 owners’ class action lawsuit?
April 18, 2017 0 Comments
Ford Motor Company produces and sells the Ford Mustang Shelby GT350, which Ford markets as a track-ready car built to reach and sustain high speeds. Three of the 2016 Ford Mustang Shelby GT350 owners have filed a class action suit against Ford, alleging that these cars are not track-ready. These owners claim that the car […]
Continue readingWhich contingent liabilities resulting from the Volkswagen (VW) emissions cheating scandal would be recognized or disclosed in Volkswagen Group’s financial statements?
January 19, 2016 2 Comments
Volkswagen manufactures the iconic Beetle in addition to other models including the Passat, the Jetta, and others. Volkswagen Group (VW) has been embroiled in an emissions cheating scandal discovered in 2015. Essentially, what happened is that VW’s engineers developed and inserted software in VW car engines to cheat on the emissions testing process, making its […]
Continue reading10-K Minute: Target, Data Breach, and Contingent Liabilities
March 27, 2014 0 Comments
Background In the fourth quarter of 2013, hackers broke into Target Corporation’s system and stole the names and credit card information for up to 70 million customers. This data breach is among the largest data breaches in U.S. history and lawsuits against Target Corporation are being filed by several parties including customers, credit card companies, […]
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