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Home Depot, GE Capital Settle Lawsuit Over Credit Card Charges

by Peter Andrew
Home 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.

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