As part of a recent development in the lawsuit, state officials said that a settlement had been reached with the auction companies, in which the they must fully reimburse their customers approximately $150,000, as well as pay $15,000 in costs and penalties to resolve allegations. Additionally, as part of the settlement agreement, they are required to respond promptly to customer inquiries and pay all customers within 30 days of the sale of their items. Cuomo stated that his office learned of the fraud through consumer complaints, and that they were able to achieve a positive result that not only provided recourse for those who were wronged, but also puts measures in place to prevent any more consumers from falling victim to fraudulent practices by such institutions. [
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Last updated on Apr-22-08