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Exide to Settle Fraud Case for $2.75 Million

May 27, 1999|From Bloomberg News

TALLAHASSEE, Fla. — Exide Corp. has agreed to pay $2.75 million to end an investigation by Florida's attorney general into allegations that the world's largest auto battery maker defrauded customers by selling used and defective batteries between 1993 and 1998.

The company agreed to extend the warranty on all batteries sold before May 24 by six months, if they're returned to a dealer in Florida. It agreed not to sell used batteries as new anywhere in the U.S. and to establish a nationwide corporate ethics program..

The company did not admit to any wrongdoing.

Exide shares gained $1.69 to close at $15.75 on the NYSE.

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