Popular Fashion Retailer H&M Kept Millions in Unused Funds on Gift Cards That
Should Have Transferred to the State’s Abandoned Property Fund

H&M to Pay Penalty for Repeatedly Lying about Its Gift Card Business to the State

NEW YORK – New York Attorney General Letitia James today recovered $36 million from popular fashion retailer H&M for unlawfully keeping millions of dollars in unused gift cards. For years, H&M withheld unused balances on gift cards that should have been transferred to the Office of Unclaimed Funds, which is overseen by New York State Comptroller Thomas P. DiNapoli’s Office. H&M repeatedly lied to the state about its failure to transfer the unused gift card balances and falsely claimed that an out-of-state company was handling its gift cards business. As part of today’s agreement, H&M will pay a penalty for its wrongdoing and transfer the money owed to the state’s Abandoned Property Fund.

“My office has zero tolerance for companies that disregard the law and line their pockets with money that belongs to hardworking people,” said Attorney General James. “For years, not only did H&M illegally keep unused gift card money that customers paid for, but they then lied about it to the state. Violating the law is not trendy or tolerable, and today H&M will pay millions of dollars for its wrongdoing. New Yorkers can trust that my office will always stand up to unscrupulous companies and hold them accountable.”

“New Yorkers with...

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