Bausch & Lomb Settles Suit Over Marketing

Bausch & Lomb Inc. agreed to settle a lawsuit claiming it used deceptive marketing for lens solutions. The company took a $4.7-million pretax charge to cover attorneys’ fees and expenses and for a $12-million program to place $1 redemption coupons in product packages. Plaintiffs said the company misled consumers by selling three chemically identical solutions as different products, charging a premium for one of them. Bausch & Lomb said it settled “rather than continue to tie up valuable time and resources.” The Rochester, N.Y.-based firm also reported a 38% jump in second-quarter profit to $40 million, or 74 cents a share, in line with expectations, on virtually flat sales of $453 million. Bausch & Lomb shares tumbled $17.06, or 22%, to close at $61.75 on the Big Board.