In this Feb. 9, 2020, file photo, Kanye West arrives at the Vanity Fair Oscar Party in Beverly Hills, Calif. Rapper and fashion mogul Ye’s high-end clothing company Yeezy has agreed to pay $950,000 to settle a lawsuit over slow shipping to customers. (Photo by Evan Agostini/Invision/AP, File)
Rapper and fashion mogul Ye's high-end clothing company Yeezy agreed Monday to pay $950,000 to settle a lawsuit brought by four California district attorneys over slow shipping to customers.
The suit brought last month by the district attorneys of Los Angeles, Sonoma, Napa and Alameda counties alleged that Yeezy had engaged in false advertising about its shipping and had violated state law by failing to send online orders within 30 days.
He designs and sells sneakers under the Yeezy brand in collaboration with Adidas. The company also makes and sells clothes. Adidas was not named as a defendant in the lawsuit.
An email sent seeking comment from Yeezy was not immediately returned.
The settlement includes $800,000 in civil penalties to the district attorneys offices, $50,000 in restitution to a state consumer protection fund, and $100,000 in investigative costs.
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According to the U.S. Labor Department, a record 4.4-million people quit their job in September, with data showing there are seven unemployed workers for every ten job openings.
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Octavio Marenzi, Founder & CEO of Opimas, discusses how labor participation is directly correlated with wage pressures and why supply chain issues are having little effect on earnings from the retail sector.
Philip Palumbo, Founder, CEO & Chief Investment Officer of Palumbo Wealth Management, discusses why wage pressure could impact earnings going forward and talks about the valuation mismatch within the tech sector.