Mattel...settles toy lead poisoning lawsuit! Compensation for tainted items from China...

Last fall, just prior to commencement of the holiday season, I penned a post warning parents about potential hazards such as lead poisoning in toys crafted and imported from China.



A week or so ago, I obliged with a follow up feature on the issues, and provided links for web sites where parents could check for recalled toys and verify that other toys for tots were safe.



Post: 12/10/08



http://ijulian.blogspot.com/2008/12/toysat-x-mas-consumer-advociates-warn.html



On the heels of this post, Mattel announced it will pay $12 million to compensate 39 States for damages arising from tainted toys made in China and shipped to the U.S.



Last year, the Segundo-based manufacturer (along with the Fisher Price Division) recalled more than 21 million Chinese-made toys after fearing the items were tainted with lead paint and tiny magnets that children could accidentally swallow.



In order to shore up the agreement with Government Officials, Mattel agreed to lower the acceptable levels of lead in toys shipped to the U.S. to - 90 parts per million - which amounts to a hefty change from yesteryear's 600 parts per million (Federal Standard).



A Mattel spokesman noted that he was proud of the company for demonstrating its commitment to children's safety by pledging to meet standards more stringent than those currently required.



However, it should be noted for the record, the Federal Standard will follow the guidelines recently adopted by Mattel when new rules and regulations go into effect next year.



Massachusetts Attorney General Martha Coakley applauded Mattel's lead which she asserted "will result in much safer standards" in the toy industry.



California negotiated a deal under the State's "Safe Drinking Water and Toxic Enforcement Act" (under a separate agreement) wherein nine toy companies - including Mattel - will pay the state $1.8 million over lead-painted toys.



In spite of the fact Mattel's stock dipped 7 cents a share when the announcement was initially made public, an industry analyst pooh-poohed the notion that is was a bad sign from stockholders.



Anything that would put to rest the question of toy safety is a net positive, he concluded.



Amen!