Sunday, December 28, 2014

Follow us:
Follow us on Facebook Follow us on Twitter Subscribe to this news feed 


Saratoga County

SmartBuy settles for $9.5 million

  • Text size: + -
Albany/HV: SmartBuy settles for $9.5 million
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

out of 10

Free Video Views Remaining

To get you to the stories you care about, we are offering everyone 10 video views per month.

Access to our video is always free for Time Warner Cable video customers who login with their TWC ID.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

NATIONWIDE -- A company that is accused of ruining the credit of thousands of soldiers, has settled a lawsuit with New York State for $9.5 million. The company in question is SmartBuy, based in North Carolina.

State Attorney General Eric Schneiderman said it operated from a kiosk and small storefront at Salmon Run Mall in Watertown, near the Fort Drum Army post. Schneiderman said SmartBuy salesmen talked soldiers into payment contracts with hidden fees and unmanageable interest that ruined the credit of thousands of soldiers.

The settlement wipes out $12.9 million in debt for more than 4,000 soldiers nationwide. SmartBuy has since closed its local operations. The company's lawyer said they are satisfied with the settlement that protects soldiers' credit ratings. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP