Lewis will pay a R5m fine in addition to the R67.7m it is refunding pensioners and self-employed customers to whom it “mistakenly sold” unemployment insurance.
The furniture group issued a statement at 5.15pm on Wednesday saying it had reached an agreement with the National Credit Regulator, which had been ratified by a high court order.
“The court order provides certainty in this long outstanding matter and will result in an additional R5m charge,” Lewis said.
Of the R67.7m it agreed to refund its unemployment insurance customers, which includes interest, Lewis said only R4m still remained to be paid.
Wednesday’s settlement with the regulator followed a high court victory for Lewis on April 30 regarding its club fees and extended warranties.