Akron-based jeweler to pay $11 million in penalties
Akron-based Sterling Jewelers, which does business as Kay Jewelers, Jared The Galleria of Jewelry, Zales and several other brands, will pay $11 million in penalties after an investigation revealed that Sterling signed up consumers for store credit cards without the consumers’ knowledge or consent.
Sterling, which operates approximately 1,500 jewelry stores, offers a storebranded credit card that can be used only at Sterling stores, according to New York Attorney General Letitia James and the Consumer Financial Protection Bureau, who pursued the case.
Sterling employees used a variety of tactics to deceive consumers into enrolling in store credit cards. Consumers often did not find out that they had applied for a card until they noticed an unexplained inquiry on their credit report or received the card in the mail.
Sterling’s parent company, Signet Jewelers, disagrees with the allegations but decided to avoid the time and expense of legal proceedings. The company says it’s using the occasion to “reaffirm the transparency and fairness” of its credit-related policies.
Investing pioneer, Vanguard founder Bogle dies
Vanguard Group founder and investing pioneer John C. Bogle has died at age 89, according to the company.
Bogle simplified investing for the masses by introducing the first index mutual fund for individual investors in 1976. Vanguard also shook up the industry by ending the company’s reliance on outside brokers by directly marketing its funds to investors without charging upfront fees known as sales loads.
Bogle served as Vanguard’s chairman and CEO from its 1974 founding until 1996. He stepped down as senior chairman in 2000, but remained a vocal critic of the fund industry and Wall Street, writing books, delivering speeches and running a markets think tank that bears his name.
Maker of Fortnite online game admits to hacking
Epic Games, the maker of the hit online game Fortnite, acknowledged Wednesday that a flaw in the game’s log-in system could have allowed hackers to impersonate real players and purchase in-game currency using the credit cards on file.
It’s unclear how many players may have been affected by the bug; Epic declined to comment on the scope of the vulnerability and said the matter has been addressed. But roughly 80 million people play Fortnite every month, and as many as 200 million users have registered accounts, the company has previously said.
“We encourage players to protect their accounts by not re-using passwords and using strong passwords, and not sharing account information with others,” Epic said in a statement.
Children’s store to close Short North location
Children’s boutique Cub Shrub will close its Short North location at the end of January, the Columbus-based retailer announced in a blog posting.
The store, at 749 N. High St., has been open for three years. Another location, which opened two years ago in Grandview Heights, will continue to operate, said Niki Quinn, who owns Cub Shrub and the Short North boutique Tigertree with her husband Josh.
The Grandview Heights store is located at 1157 Grandview Ave., less than 3 miles from the Short North store.
While there is no firm closing date set for the Short North store, the location will remain open through at least the end of the January, Niki Quinn said.