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Article: SEARS WILL PAY $62.6 MILLION TO SETTLE FRAUD CASE THE RETAILER SOLD DEFECTIVE DIEHARD AUTO BATTERIES MADE BY EXIDE TECHNOLOGIES.(BUSINESS)
- Article from:
- The Wisconsin State Journal (Madison, WI)
- Article date:
- December 28, 2001
CopyrightCOPYRIGHT 2001 Capital Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Associated Press
CHICAGO -- Sears, Roebuck and Co. has agreed to pay the government $62.6 million to settle fraud allegations involving the sale of defective DieHard auto batteries in 1994-95.
The settlement was announced Thursday by the Hoffman Estates, Ill., retailer and the U.S. attorney for southern Illinois, ending a more than two-year investigation into the batteries made by Sears supplier, Exide Technologies.
Sears said it will take a one-time charge in the fourth quarter of 12 cents per share to reflect the settlement.
"Faced with the continuing expense and distraction of protracted litigation, we have decided that ...