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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