Belgian lingerie manufacturer Van de Velde has settled out of court in the court case surrounding its American lingerie subsidiary, Intimacy.
An American customer had filed a complaint against Intimacy in February 2014, because of a supposed breach of the Fair and Accurate Credit Transactions Act, legislation regulating the credit card information mentioned on receipts.
It is for that particular court case Van de Velde has now settled, although an American judge still has to approve the settlement. A ruling is expected in the next few months, but the company does not expect the settlement to impact its financial results.
Van de Velde managed a 2.5 million euro profit last year, down over 90 % compared to the year before and mainly because of the Intimacy amortization. Group turnover grew 8.7 %, but the American chain lagged behind with a 16 % turnover slump.