Friedman’s To Pay $2 Million Settlement

Washington, Friedman’s will pay $2 million into the U.S. Postal Inspection Service’s Consumer Fraud Fund to settle allegations of securities fraud, federal regulators said today.

The Securities and Exchange Commission alleged in a statement that Friedman’s, which filed Chapter 11 in January, “systematically inflated earnings to meet Wall Street’s expectations” from 2001 to 2003.