The Attorney General has announced a settlement with the nation’s third largest jewelry chain. The investigation alleged that Friedman’s Inc. engaged in unfair or deceptive trade practices by failing to adequately inform consumers regarding insurance fees charged by them.
In January 2005 Friedman’s filed bankruptcy. The state’s Attorney General said that when selling jewelry the company would charge additional amounts for credit life, credit disability and property insurance without informing customers they were purchasing insurance.
Under the settlement, Friedman’s is paying $2.15 million. There are 29 Friedman’s Jewelers in Kentucky.