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Company accused of selling overpriced jewelry to US troops

October 30, 2018 - 7:44 am

ALBANY, N.Y. (AP) — New York state has filed a lawsuit against a national jewelry retailer, claiming the company uses false and deceptive methods to dupe U.S. military members into illegal financing contracts for overpriced merchandise.

Attorney General Barbara Underwood announced Monday the lawsuit against Harris Jewelry alleges the company used its “Operation Teddy Bear” charitable donations campaign to lure service members into high-priced, in-house financing contracts.

The Hauppauge, New York-based company has retail stores on or near military bases across the county, including Fort Drum in northern New York.

The lawsuit alleges Harris Jewelry marks up jewelry between 600 and 1,000 percent over wholesale price and adds an interest rate of nearly 15 percent on the financing contract.

The lawsuit is the result of a multistate investigation co-led by New York and Tennessee.

Update: Harris Jewelry released a statement that they plan to "vigorously contest the inaccurate and baseless allegations."

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