J.C. Penney Settles False Advertising Class-Action Suit

J.C. Penney said Wednesday that it's reached an agreement to settle a false advertising class-action lawsuit in California, making $50 million available in cash or store credit to customers. While the charge will be included in the third quarter that it’s scheduled to report on Friday, the quarter’s gross margin and earnings results “exceeded expectations,” said Penney CEO Marvin Ellison.