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Gold Coin Seller Lear Files for Bankruptcy Amid Legal Scrutiny

  • Company previously accused of duping elderly customers
  • Bankruptcy allows Lear to streamline any future claims
Inside A High Street Gold Bullion Shop As Gold Climbs In Longest Run Since October

Photographer: Simon Dawson/Bloomberg

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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.