Wal-Mart has agreed to pay over $66,000 worth of damages after being caught overcharging its customers in New York for a 12-pack of Coke and for claiming the markup was due to a fabricated "sugar tax.

The retail giant was apprehended by the New York state attorney general's office after selling about 66,000 12-packs of overpriced Coke in June.

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Reports from the state attorney general's office on Tuesday stated that 117 Wal-Mart stores priced the supposed 3-dollar beverage 50 cents higher than what was advertised during the sale.

When some customers from Buffalo complained about it, employees explained that the price difference was the result of a state "sugar tax" which does not actually exist.

Other New York Coke patrons were told that the sale on the 12-packed drink did not apply in the state of New York.

The regular price for a 12-pack of Coke is $3.50 and the promotion stated was for a 50-cent discount during a Father's Day sale.

It was only when New York Attorney General Eric Schneiderman brought the issue to the attention of Wal-Mart management that the retail store adjusted the price.

Finally, on June 12, the retail company made the adjustment and agreed to pay $66,000 in order to settle the overpricing issue once and for all.

Through a Wal-Mart representative, the company expressed its regret for the mix up and explained that it is currently enhancing its procedures to make sure that the proper promotional prices are put in place in the future.

Meanwhile, New York Attorney General Schneiderman stated that there needs to be "one set of rules for everyone, no matter how rich or how powerful," adding that this is exactly why his office is there - to ensure a fair trade for New Yorkers and protect them from false advertising.

The state Attorney General's office handled the investigation and made the announcement of its settlement on Tuesday.

TagsWalmart, Coke, sale, Father's Day, Settlement, damages, customers, false advertising