Many Florida consumers keep gift cards until they find something they really want or need. Some RadioShack customers held their gift cards too long and were unable to redeem them when the company filed for bankruptcy. One state decided to file a complaint against the retailer on behalf of those consumers, and other states joined in as well. A settlement was recently reached through an alternative method of dispute resolution, which kept the parties out of court.
The Bankruptcy Court, and the attorney generals of several states, will still need to approve the settlement. However, many of the people holding nearly $46 million in gift cards could receive either all or a portion of the value as a result. Reports indicate that priority will be given to consumers who purchased gift cards for themselves or others, and they could receive the full value of their cards, along with others who own cards under specific circumstances. People who received them in lieu of a cash refund or as the result of a dispute may only get a portion of the value back.