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Non-Tech : Iomega Thread without Iomega -- Ignore unavailable to you. Want to Upgrade?

To: Linda Pearson who wrote (4987)	12/9/1998 7:21:00 PM
From: Linda Pearson	Read Replies (1) \| Respond to of 10072

December 9, 1998 Dow Jones Newswires Iomega To Pay FTC $900,000 For Mail Order Rule Settlement Dow Jones Newswires WASHINGTON -- Iomega Corp. (IOM) agreed to pay a $900,000 civil penalty to the Federal Trade Commission to settle charges the company violated the Mail Order Rule. In a press release Wednesday, the FTC said Iomega failed to fulfill requests for rebates and free merchandise offered through marketing programs. The FTC's complaint charged Iomega with failing to offer consumers the option to consent to a delay or to receive a refund and to provide prompt refunds or rebates when unable to fill orders on time. The complaint further stated the company didn't offer buyers a free means of canceling orders and have a reasonable basis for many of its shipping presentations. The settlement also includes a number of recordkeeping and reporting requirements to help the FTC monitor compliance with its terms. An Iomega spokeswoman acknowledged the company had fulfillment problems in the past due to an overwhelming response to the programs. However, Iomega now fulfills 99% of the requests within 10 days to two weeks, the spokeswoman said. Iomega, a maker of computer storage products, earned $115.4 million, or 42 cents a diluted share, on revenues of $1.74 billion in 1997.