Lear Capital Settles Deceptive Practices Accusations For $2.75 Million
A $2.75 million settlement was reached with Lear Capital, an L.A.-based gold and silver coin dealer accused in a 2019 lawsuit of unfair and deceptive business practices, the city attorney’s office announced today.
The lawsuit accused Lear Capital of routinely charging customers large fees under false pretenses, and 90% of the settlement will be used for restitution for eligible customers, according to the city attorney’s office.
“This lawsuit was about trust. Lear Capital’s customers, in many cases elderly or inexperienced investors, were entitled to trust that significant chunks of their life savings wouldn’t be wiped out by astronomical fees,” City Attorney Mike Feuer said. “They were entitled to trust that their legitimate questions wouldn’t be met with threats or intimidation. But that’s what we alleged happened.”
