Business Services Industry
Sears tangled in new credit controversy. (Sears, Roebuck and Co)
Crain's Chicago Business, June, 1998 by George, Melissa
Suits challenge chain's national interest rate hike Sears, Roebuck and Co.'s legal woes are mounting as a new round of lawsuits question the retailer's credit card collection practices, even as a federal probe of its credit operation remains unresolved. The most recent legal tangle to envelop Sears' credit and legal departments stems from two lawsuits that claim Sears broke the law when it adopted a 21% interest rate for its proprietary Sears Card after the retailer acquired a nationally chartered credit card bank in 1994.
One of the lawsuits claims that in 1997, Sears illegally imposed the new rate on debt that was subject to lower ceilings in certain states, even though it had pledged to leave those balances unchanged. The lawsuits put the Hoffman Estates-based...
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