Via: BicycleRetailer.com

JUNE 30, 2005 — CANTON, MA (BRAIN)–Less than a year after Kryptonite and parent company Ingersoll-Rand were slapped with a lawsuit for alleged defects in its U-locks, the company is nearing closure of a trying chapter in its history.

On June 16, the Circuit Court of Cook County, Illinois, filed an order approving a settlement to a class action suit filed against Kryptonite last September nationwide and in Canada. The suit included all consumers in the United States and Canada who acquired a U-lock during the period beginning Sept. 20, 1998 through Sept. 20, 2004.

Under the settlement, consumers can either exchange their Kryptonite locks for new non-tubular locks or keep their U-Locks and receive a $10 voucher toward any Kryptonite product. It also provides relief for those whose bicycles were stolen due to a violation of the lock mechanism.

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