Buy.com agrees to settle lawsuit

Online retailer Buy.com has agreed to pay $US575,000 to settle a class-action lawsuit filed by a group of customers over a pricing glitch on the company's Web site.

Buy.com isn't acknowledging any wrongdoing as part of the proposed settlement agreement. But the California-based company agreed to pay $50 to each of the customers represented in the suit.

The lawsuit stems from a pricing error on a 19-inch computer monitor from Hitachi which was briefly listed on the Buy.com site in February 1999 for $164.50 - far below its normal price of $564.50.

Buy.com said the glitch was the result of a clerical error. The company honoured the lower price for the monitors it had in stock but refused to ship any more monitors at that price.

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