"Attorney General Letitia James Sues SiriusXM Radio For Trapping Consumers In Unwanted Subscriptions" - NY Gov
Portfolio Pulse from Benzinga Newsdesk
New York Attorney General Letitia James has filed a lawsuit against SiriusXM Radio, Inc. for making it difficult for consumers to cancel subscriptions. The lawsuit alleges that SiriusXM violated state and federal laws by not providing a simple cancellation process and engaging in deceptive practices. The OAG seeks restitution, penalties, and disgorgement, and demands SiriusXM to implement an easy cancellation process. The investigation began after numerous consumer complaints about the cancellation process, which includes long wait times and persistent retention efforts by agents.

December 20, 2023 | 3:37 pm
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SiriusXM Radio, Inc. is facing a lawsuit from NY Attorney General for difficult subscription cancellations, potentially leading to legal penalties and the need to revise cancellation processes.
The lawsuit directly targets SiriusXM's business practices, which could lead to financial penalties and mandatory changes to their subscription model. This negative publicity and potential financial impact are likely to affect investor sentiment and the stock price negatively in the short term.
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