The US Federal Trade Commission has sued several companies over their failure to properly disclose that they sell jewelry, watches, and other luxury goods on the secondary market.
The FTC’s complaint, filed on Wednesday, says the companies sold more than $500 million worth of items from 2009 to 2015 on eBay, Etsy, and Amazon, as well as at the department stores and other retail outlets that they were licensed to sell to.
The products included luxury watches, watches with the brand name “Billionaire” embroidered on them, watches that cost more than the retail price, watches in colors that weren’t legal in their country of origin, and jewelry that had a manufacturer warranty.
The companies had to pay $500 per item for the items they didn’t disclose.
The suit is the first time the FTC has brought such a case against a bank over an illegal product.
“Consumers should be able to trust the seller of a luxury watch or watch with the manufacturer’s warranty,” FTC Chairwoman Edith Ramirez said in a statement.
“We are filing this lawsuit because our consumers deserve to know that the seller is doing the right thing when it comes to their financial safety.
Consumers need to know how much money they are making, how many products they are purchasing, and the quality of the products they buy.
It’s time for these companies to take their products off the market.”
While the FTC’s lawsuit doesn’t specifically target luxury watches or watches with embossed names, it is likely related to the brand names that the companies listed on their products.
Jewelry, watches and watches with engravings that are legal in other countries are usually sold on eBay or Etsy.
If you buy one of these items, it will be listed as a brand name on the eBay seller’s page.
The sellers of luxury watches will also have to disclose that it is a luxury item.
The lawsuit, which has been filed in federal court in Alexandria, Virginia, asks the agencies to set a hearing date for the defendants to answer questions about the products.
The commission’s lawsuit says the defendants are “misleading consumers about the quality and safety of the goods they sell.”
They’re “not being truthful about their sales practices, either,” the complaint says.