H&M to pay $36 million to settle claims over unused gift cards
CBSN
Fashion retailer H&M will pay $36 million to settle claims it illegally pocketed millions of dollars in unused gift card balances, New York Attorney General Letitia James said Thursday.
Since at least 2008, the Swedish company has unlawfully held more than $18 million in unused gift card balances in H&M's bank accounts, rather than sending it to the state's Abandoned Property Fund, according to James. H&M then repeatedly misled authorities about the missing money by blaming an Ohio company that oversaw its gift card business, she added.
"My office has zero tolerance for companies that disregard the law and line their pockets with money that belongs to hardworking people," James said in a statement. "Violating the law is not trendy or tolerable."
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