Shoe Company Endorsed By Hall Of Famers To Pay $40 Million In False Advertising

The Federal Trade Commission had announced that shoe company Sketchers will pay $40 million for false advertising based on their “Shape Up” shoes, according to CNBC’s Darren Rovell.

BREAKING: Federal Trade Commission announces that Skechers will pay $40 million based on false advertising on toning shoes.

— darren rovell (@darrenrovell) May 16, 2012

Skechers says it will pay a 1-time settlement fee of $45 million + $5 million in attorney fees. Company believes its ads were “appropriate.”

— darren rovell (@darrenrovell) May 16, 2012

Sports legends Joe Montana and Wayne Gretzky were signed by Sketchers to endorse the shoes which claimed to help people “get in shape without setting foot in a gym. The company also claimed the shoes to help customers improve their cardiovascular health and los weight.