Friedman's Jewelers agrees to lawsuit settlement
Friedman's Jewelers, the third largest jewelry chain in the U.S., is planning a change in business practices as part of a multi-state settlement in a lawsuit brought by attorney generals across the nation. According to Indiana Attorney General Steve Carter, Friedman's Jewelers is now required to provide customers with "clear and adequate" information about jewelry insurance when a jewelry purchase is made. Friedman's has a store in Evansville, at Eastland Mall.
More than 15 states were part of the lawsuit, filed after allegations arose that the jewelry company failed to properly inform costumers of the insurance fees associated with purchasing jewelry from the chain's retail stores. Carter said customers were left unaware that they were paying insurance fees. Upon entering the lawsuit, Friedman's denied unlawful activity, but in their settlement, the company has agreed to give consumers clear disclosures on insurance options, comply with licensing laws, and pay $2.1 million to the plaintiff states.
The new business practices will apply to eleven Indiana Friedman's locations including Evansville, Anderson, Bedford, Clarksville, Columbus, Corydon, Greensburg, Greenwood, Martinsville, Seymour, and Vincennes.