First Wave of Refunds Due Consumers From KM.net

October 29, 2002

More than half a million dollars is scheduled to be refunded immediately to Michigan consumers bilked by PowerCard International, doing business as KM.net. This announcement came today from Michigan's Attorney General, Jennifer Granholm.

KM.net sold "internet malls," which Granholm charactized as "nothing but a pyramid scheme meant to bilk money from Michigan consumers. This trick, without any treat, was just a ghoulish rip-off exploiting the popularity of 'dot.coms.' "

Michigan sued KM.net in June, 2001, and has since settled with the company. The refunds are going to Michigan consumers who purchased these "malls" between March 3 - March 22, 2000.

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