June 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — CCA Industries, Inc. (AMEX: CAW) said it has entered into a preliminary settlement of the class action lawsuit in a California court. The company said that the settlement provides for a one-time payment of $2.5 million into a common fund to be disbursed as provided for in the final order of settlement.

In the suit, which is called Denise Wally vs. CCA Industries, Inc., plaintiffs alleged that the company made false and misleading claims about one of its products sold in California, that violated the California Business and Professional Code.

CCA said it also settled a dispute with its insurance carrier regarding its advertising insurance. According to CCA, the settlement calls for the insurance carrier to pay 50% of all legal fees and related costs associated with the Wally litigation, up to a maximum of $475,000.

New Jersey-based CCA Industries manufactures and markets health and beauty aids, each under its individual brand name.

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