Progressive Leasing Agrees To Settle FTC Investigation - Quick Facts

(RTTNews) - Progressive Leasing, a subsidiary of Aaron's, Inc. (AAN), has decided to settle the FTC investigation related to the adequacy of consumer disclosures. Progressive will pay $175 million to the FTC with no admission of wrongdoing. It recorded a charge of approximately $179 million in the fourth quarter, for costs associated with the settlement and related expenses.

"Although we disagree with the FTC's allegations, we have agreed to settle this matter to avoid the expense, management distraction and uncertainty caused by protracted litigation," said John Robinson, CEO of Aaron's.