U.S. consumer refunds total more than $6.4B
The Federal Trade Commission reports that its law enforcement actions in a recent one-year period returned $6.4 billion in refunds to consumers, including $391 million the FTC sent directly to 6.28 million consumers.
In the agency’s first report on money returned to consumers and businesses, its Bureau of Consumer Protection obtained 168 court orders for more than $12.72 billion between July 1, 2016 and June 30, 2017, the FTC said in its announcement.
This amount doesn’t include judgments that were suspended by the court due to defendants’ inability to pay, the FTC reported.
The FTC reports that 72 percent of people who received FTC checks cashed them, and the FTC paid on average 4.85 percent in administrative costs.
The annual report outlines the process for identifying eligible recipients, mailing checks, finding current contact information for consumers, and deciding whether additional check mailings are feasible.
