HOBBY LOBBY: Agrees to Return Smuggled Artifacts

Hobby Lobby's "passion for the Bible" will cost it dearly. The arts-and-crafts chain will pony up $3 million to settle a federal case over smuggled relics from Iraq that it bought.

Along with the cash, the Oklahoma-based retailed will give up thousands of other clay antiquities it purchased seven years ago. Prosecutors say the retailer failed to recognize the deal was "fraught with red flags."

Hobby Lobby President Steve Green said in a statement that the chain made "regrettable mistakes," admitting, "We should have exercised more oversight and carefully questioned how the acquisitions were handled."

Hobby Lobby was in the headlines in 2014 when it won a Supreme Court religious freedom case over having to provide contraception for employees. The owners of the chain also put up $500 million for a Museum of the Bible that's set to open this fall in Washington. (NBC News)

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