A company which sold high-priced "sleep systems" at invitational seminars has been fined $69,935 for misleading consumers about the right to cancel their contracts.
Wenatex New Zealand Limited has pleaded guilty in the Auckland District Court to 34 Fair Trading Act and Credit Contracts and Consumer Finance Act charges, the Commerce Commission said.
The company invited people to seminars at community centres where its beds and bedding were for sale.
"Many of the people who attended the seminars were elderly or people looking for a health benefit," the commission said.
Bedding packages, or "sleep systems", were often priced at about $5000, and a large deposit was payable at the seminar with the balance to be paid on delivery or on credit over several years.