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Post By sedna
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sedna
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Valve Fined by an Australian Federal Court for Not Offering Refunds
Valve Software, which through its Steam platform sells and supports games and software on behalf of other game publishers, has been fined AU $3 million by an Australian Federal Court for "misleading consumers," and for not conducting commerce in line with the local consumer protection norms, which guarantee Australian consumers a host of remedies that include refunds, if a product or service purchased doesn't live up to its marketed standards.
The Australian Competition & Consumer Commission (ACCC) in 2014 pulled up Valve for not offering a satisfactory refunds system to Australian consumers. The case, heard by a Federal Court, after two appeals by Valve against penalties, ordered Valve to pay up AU $3 million in fine, and set up a consumer-satisfaction system in line with Australian Consumer Law. As a private company (not listed on any stock exchange), Valve is not obligated to reveal its net-worth, which was estimated by the press in various points in time. It was valued at USD $3 billion in 2012. Its founder Gabe Newell has an estimated net-worth of $5.5 billion, according to a Forbes report.
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