AG Ferguson: Reed Hein to pay $2.61 million to resolve timeshare exit scheme lawsuit
Wednesday, September 29, 2021
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| Deceptive ad from Reed Hein and Associates |
If the company violates the terms of the consent decree, it will be required to pay an additional $19 million — a total judgment of $22 million.
Reed Hein also retracted and apologized for statements made in response to the Attorney General’s lawsuit.
The Attorney General’s Office will use Reed Hein’s $2.61 million payment to provide restitution to Washingtonians harmed by Reed Hein’s timeshare exit scheme and for partial reimbursement of his office’s litigation costs. The amount of restitution each individual receives will depend on the number of claims and the severity of harms suffered due to Reed Hein’s conduct.
The consent decree, filed in King County Superior Court, stems from Ferguson’s 2020 lawsuit. One key issue in the lawsuit: Reed Hein deceptively advertised a 100 percent money-back guarantee. In reality, many customers struggled to obtain refunds, and are still denied refunds even after the company failed to deliver for years.
More than 2,800 Washingtonians entered into contracts with Reed Hein, paying thousands in upfront fees, ranging from just under $3,000 up to tens of thousands of dollars per “exit.” Many of these individuals are still waiting for an exit from their timeshare years after signing their contracts.
More information here
The Attorney General’s Office will use Reed Hein’s $2.61 million payment to provide restitution to Washingtonians harmed by Reed Hein’s timeshare exit scheme and for partial reimbursement of his office’s litigation costs. The amount of restitution each individual receives will depend on the number of claims and the severity of harms suffered due to Reed Hein’s conduct.
The consent decree, filed in King County Superior Court, stems from Ferguson’s 2020 lawsuit. One key issue in the lawsuit: Reed Hein deceptively advertised a 100 percent money-back guarantee. In reality, many customers struggled to obtain refunds, and are still denied refunds even after the company failed to deliver for years.
More than 2,800 Washingtonians entered into contracts with Reed Hein, paying thousands in upfront fees, ranging from just under $3,000 up to tens of thousands of dollars per “exit.” Many of these individuals are still waiting for an exit from their timeshare years after signing their contracts.
More information here
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