Thursday, November 14, 2002

Miss Cleo's Fortunes Turn

Didn't she see it coming? She IS a psychic. Miss Cleo has agreed to pay back $500 million to unhappy customers. (Don't mi$$ the amount of ca$h they were taking in.) Here's what Howard Beales, director of the FTC's consumer protection bureau had to say
" ... during three years of operation the service charged people about $1 billion and collected half of it. The callers did include many satisfied customers, he said. The service's business fell sharply in the past year following the FTC lawsuit and is now shutting down ... The FTC voted 5-0 to approve the settlement. The amount involved eclipses the record $215 million that Citigroup Inc. agreed to repay customers in September to settle deceptive lending charges involving mortgages and credit insurance."