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The furniture retailer Rent-A-Center announced plans to settle a class action consumer fraud lawsuit in New Jersey for $85.8 million. Under the tentative agreement, the company will also be responsible for more than $20 million in plaintiffs' attorneys' fees.
In 2003, consumers filed a lawsuit accusing the retailer of charging interest rates above the 30 percent allowed by New Jersey's Consumer Fraud and Retail Installment Sales Acts.
Rent-A-Center argued that their rates shouldn't be subject to the laws because the transactions are not credit sales but rental-purchase contracts. However, the New Jersey Supreme Court disagreed and the U.S. Supreme Court refused to hear the company's appeal.
According to Rent-A-Center Chairman Mark Speese, the company has modified its practices to comply with state laws. He added that it would take one to two months to finalize the settlement, and the company would start issuing payments to consumers in the fall.
(Source: Furniture Today)
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