Jeweler who scammed servicemembers settles suit by 18 states
By DAVID PORTER
Associated Press
NEW YORK (AP) — A national jewelry retailer that allegedly tricked active-duty servicemembers into buying overpriced, poor quality jewelry at high interest rates has settled a lawsuit filed by 18 states and the Federal Trade Commission. Under a settlement announced Wednesday, Harris Jewelry has agreed to stop collecting more than $21 million in outstanding debt and give as much as $12 million in refunds to servicemembers who paid for lifetime protection plans. Authorities say it used predatory lending practices and charged as much as 10 times the wholesale cost for jewelry, and falsely led customers to believe the lending contracts would improve their credit scores.
