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Home Depot settles paints suit

Home Depot announced that it has reached a tentative agreement in March to settle California lawsuits related to the sale of paints and coatings.

The company's recent 10-k filing with the Securities and Exchange Commission report followed up on 2010 allegations that the retailer sold products in three California counties and Los Angeles that exceeded the level of VOCs (volatile organic compounds) under the rules of the South Coast Air Quality Management District.

The allegations led to lawsuits in June 2011, one from the SCAQMD that sought $30 million in penalties and relief.

According to Home Depot's filing: "In March 2013, we tentatively reached a joint settlement agreement to resolve these actions for an aggregate of $6.9 million, plus $1.1 million in fees and costs. The settlement requires the approval of the trial court."