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 liability
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 readingHow should Canada Dry account for the lawsuit filed against it because its ginger ale allegedly does not contain ginger root?
August 27, 2018 0 Comments
A woman has filed a lawsuit against Canada Dry and its parent company Keurig Dr Pepper[1] (NYSE: KDP), claiming that its ginger ale does not contain enough ginger to be a healthier alternative to sodas. The plaintiff purchased Canada Dry ginger ale when her children were sick, because she thought it would soothe their stomachaches […]
Continue readingHow would 3M account for the contingent liability arising from an environmental lawsuit?
January 26, 2018 0 Comments
The State of Minnesota is suing 3M (NYSE:MMM) for $5 billion in damages, alleging that 3M dumped chemicals it produced into landfills from the 1940s through the 1970s. The State asserts that those chemicals have now leached into local groundwater, affecting about 60,000 residents. 3M’s attorneys have responded that the chemicals have not been proven […]
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Accounting in the Headlines 