SEARS SETTLES LAWSUIT.(concerning change in credit card interest rates)
HFN: The Weekly Newspaper for the Home Furnishing Network, March, 1999
HOFFMAN ESTATES, Ill.-Sears, Roebuck and Co. has agreed to settle a class-action lawsuit, filed over an increase on the annual percentage rate (APR) of credit card holders, by paying millions of dollars in cash and coupons to 11 million of its credit card holders.
Under the settlement, for the suit known as Henry v. Sears, Sears will pay $72 million in cash and coupons to about 3 million customers -- about $23.80 each.
The $72 million payment splits into approximately $36 million in cash and $36 million in coupons and will be paid to customers whose APR on pre-existing balances was increased as a result of the 1997 change in credit terms. The coupons will be valid toward purchases at Sears stores nationwide.
The agreement, which still...
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