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Home Depot, GE Capital Settle Lawsuit Over Credit Card Charges

by Peter Andrew

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Depot, GE Capital Settle Lawsuit Over Credit Card Charges

The Associated Press

is reporting today that Home Depot and GE Capital have agreed

to pay $672,000 to settle a Connecticut lawsuit accusing the

companies of deceptive credit card practices. At issue was whether

the Home Depot Consumer Credit Card's promise of a "no interest/no

payments" program had been broken when the cards charged

payments to the "no interest" portion of balances

instead of newer purchases without notifying cardholders.

Both

the state and 8,000-plus Connecticut customers will receive

restitution in the settlement, although consumers will receive

small sums as their share of $322,000 while the state gets $350,000.

As

might be expected, Home Depot did not admit to wrongdoing, but

instead said it agreed to the settlement to avoid lengthy and

costly litigation.

Published 04/28/06 (Modified 05/07/12)


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