SoulCycle To Pay Up To $9.2M To Settle Gift Card Suit

Law360, San Francisco (June 19, 2017, 3:04 PM EDT) -- SoulCycle Inc. has agreed to a deal valued between $6.9 million and $9.2 million that would resolve a nationwide putative class action alleging the indoor cycling fitness company sells illegally expiring gift certificates, according to court documents filed in California federal court Friday.

Under the deal, SoulCycle agreed to reinstate up to two expired classes per customer or reimburse those customers $25 for each of those classes. The company also agreed to adopt policy changes to ensure consumers fully understand that purchasing a class or series of SoulCycle classes does not constitute the purchase of a gift certificate or gift card....

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