Bloomberg Law
March 2, 2022, 4:46 PM

Gold Coin Dealer Lear Files Bankruptcy to Corral Legal Woes (1)

Jeremy Hill
Jeremy Hill
Bloomberg News

Lear Capital Inc., a gold and silver coin dealer previously accused of deceiving customers, filed for bankruptcy in Delaware on Wednesday to streamline any future legal spats.

The company in recent years was sued by both the City of Los Angeles and the State of New York for allegedly pressuring elderly customers and misleading them about fees tied to purchases of its coins. Lear was ordered to pay $2.75 million to LA and $6 million to New York as a result.

Although those suits are finished, Lear “believes there are, or may be, other outstanding claims of its customers ...