H&M Unused Gift Card Funds Settlement Overview:

• Who: H&M has agreed to a $36 million settlement with the state of New York.
• Why: The settlement was made to resolve claims made by New York Attorney General Letitia James that H&M unlawfully kept millions of dollars in unused gift card funds.
• Where: The settlement involves New York consumers.

H&M has agreed to pay $36 million to resolve claims it unlawfully kept millions of dollars in unused gift card funds.

The agreement was made with the office of New York Attorney General Letitia James and includes damages and penalties recovered by the state and restitution to the Abandoned Property Fund.

The settlement is being divided into two portions, with just over $28 million going to the state and around $7.7 million going to the relator, the person who brought the case on behalf of the government.

“My office has zero tolerance for companies that disregard the law and line their pockets with money that belongs to hardworking people,” James said in a May 19 news release.

H&M agreed to the settlement in order to end allegations it lied to the state on multiple occasions about its failure to transfer unused gift card balances to the Office of Unclaimed Funds, as required.

Further, H&M was accused of lying to the state by falsely claiming that a company outside of New York was in charge of handling the gift card aspect of its business.

H&M ‘Lied to State,’ James Says

“For years, not only did H&M...

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