Ftc, Sears Cut Deal On Credit Card Debts

The Federal Trade Commission struck a deal Wednesday with Sears, Roebuck & Co., ensuring that the company will refund at least $100 million to customers who were pressured to pay off Sears credit card debts even though they were protected by bankruptcy laws.

“Since 1985, Sears has undermined some very important consumer protections embedded in the American bankruptcy process,” said Jodie Bernstein, director of the FTC’s consumer protection bureau.

Sears is expected to outline a deal today with 39 state attorneys general to settle similar charges filed in bankruptcy court in Boston.