Nearly 160,000 Americans could be eligible for a refund if misled by the nation's biggest LASIK chain, which advertised the surgery for as little $300 an eye, even though most consumers would not qualify for that price, the Federal Trade Commission said on Tuesday.

Ohio-based LCA-Vision, operating business under the names LasikPlus and Joffe MediCenter, paid $1.25 million to settle claims that it used deceptive bait-and-switch advertising to trick people into thinking they could have their vision corrected for less than $300, according to the FTC.

"Many people wasted their time at LASIK consultations only to learn that the surgery would cost much more than they expected," the agency stated.