As part of a recent court judgment, Goldline International, Inc., one of the nation’s largest precious metals dealers, was required to provide refunds to specified former customers. Those refunds are now complete: Goldline has refunded a total of more than $4.25 million to former customers, who returned their coins to the company.
In addition, Goldline has paid $800,000.00 into a separate fund, which will be used to pay other customers’ restitution claims.
Under that fund, eligible consumers who claim they were misled by Goldline may receive cash to offset the difference between their original purchase price and the current value of their coins. Consumers will not have to return their coins to be eligible for the program.
Former customers who believe they were misled by Goldline must file a claim at this website by May 22:
gold.smconsumer.org
On February 22, 2012, the Santa Monica City Attorney’s Office obtained a final judgment and injunction against Goldline. The injunction is believed to be the strongest ever levied against a precious metals dealer. It contains strict rules for Goldline’s sales practices and requires the company to provide clear price information to consumers.
The injunction goes into effect on April 22. It requires Goldline, among other things, to:
1. Disclose its actual price markups, in recorded calls before each transaction.
2. Follow a strict, factual script when discussing certain topics with consumers.
3. Not tell consumers that the government can confiscate gold bullion.
4. Not attempt to sell customers higher-priced coins once they have already paid for bullion.
5. Set up a new phone line, staffed by non-commissioned employees, for refunds, liquidations, and other customer service.
Anthony Pacheco, a partner at the Los Angeles law firm Proskauer Rose, has begun his duties as court-appointed monitor to assure Goldline’s compliance with the injunction.
Is it too late to be refunded if you weren’t aware of the class action lawsuit because you were in a different state? My parents were taken by this shameless company, Goldline, and it was money for their retirement. Any help you can provide is greatly appreciated. My parents worked hard their whole lives and shouldn’t have to be dealing with thieves like Goldline. They invested a quite a bit and I just discovered paperwork and looked into the company as the prices seemed off and sure enough they were scammed. I wish I had known when they first did it and gotten them in on the class action or better yet stopped them from being scammed in the first place. I contacted goldline and they said they would do a “buy back,” but then my parents are losing out significantly and not getting the full amount back. Not to mention that money went years without any interest, as it would if it had been in the bank. I am sickened by this company and it’s lack of any morals. My parents were counting on this money as they ran a small business and this is a huge hit. I feel the need to warn others from the same fate. No one deserves to be tricked like this.