Massive recall about to happen...
Freedom Group (aka Remington Outdoor) has agreed to recall an estimated 7.85m units of its Model 700 rifle, according to a report today by CNBC.
Under a nationwide settlement filed Friday in federal court in Missouri, the company has agreed to recall the weapons and replace their triggers, which are deemed to have a design defect that has led to fatal incidents, according to the report.
The company and attorneys for the plaintiffs are expected to issue a joint statement shortly regarding the settlement, which must be approved by a judge, the report indicated.
A 1948 internal analysis that was obtained by CNBC in the process of an investigation estimated that the cost of making the change would be USD .055 per gun. This cost is likely to be much higher today, according to the news organization.
In the 3Q earnings report issued last month, Remington revealed that it has set aside USD 29.7m for a “Model 700 settlement reserve.”
Freedom Group (aka Remington Outdoor) has agreed to recall an estimated 7.85m units of its Model 700 rifle, according to a report today by CNBC.
Under a nationwide settlement filed Friday in federal court in Missouri, the company has agreed to recall the weapons and replace their triggers, which are deemed to have a design defect that has led to fatal incidents, according to the report.
The company and attorneys for the plaintiffs are expected to issue a joint statement shortly regarding the settlement, which must be approved by a judge, the report indicated.
A 1948 internal analysis that was obtained by CNBC in the process of an investigation estimated that the cost of making the change would be USD .055 per gun. This cost is likely to be much higher today, according to the news organization.
In the 3Q earnings report issued last month, Remington revealed that it has set aside USD 29.7m for a “Model 700 settlement reserve.”