February 25, 2008 - Baltimore, MD - BlueHippo Funding, LLC announced today that it has reached an agreement with the Federal Trade Commission (FTC) to fund a consumer restitution pool of up to five million dollars for customers who purchased computers prior to February 2006.
BlueHippo substantially modified its computer sales program after February 2006 to include, among other things, a new store credit customer refund program. The company worked with the FTC over a period of months to address the concerns of BlueHippo customers who signed up for the program under the previous business model.
BlueHippo is one the country’s largest direct response merchandise lenders, having helped thousands of Americans with limited financing options purchase computers, flat screen televisions and other electronic equipment.
“The FTC staff was fair and professional, and after months of hard work we have fashioned a deal that satisfies all parties,” said Andrew Campbell, General Counsel of BlueHippo. “We are very excited about this settlement. The FTC is our only national regulator and the country’s most important consumer advocate. We’ve made tremendous progress growing our systems and programs since 2006 and we are very optimistic about our future.”
“In today’s market, our customer base is finding it even more challenging to purchase computers and other consumer electronics through traditional financing,” said John Ford, Chief Operating Officer of BlueHippo. “This settlement comes at exactly the right time for us and allows us to renew our efforts to provide innovative financing for our customers.”
ABOUT BLUEHIPPO FUNDING
BlueHippo Funding, LLC was founded in 2003 to help Americans with poor credit and limited financing options purchase computers and other electronic equipment. Today, because of BlueHippo’s innovative financing program our customers have computers, but more importantly, they have access to employment, educational and commercial opportunities that might otherwise be out of reach.
MEDIA CONTACT:
Tony Applewhaite
1-800-731-9451