'CFPB Orders Apple And Goldman Sachs To Pay Over $89M For Apple Card Failures; Companies Illegally Mishandled Transaction Disputes And Misled iPhone Purchasers About Interest-Free Payment Options'
Portfolio Pulse from Benzinga Newsdesk
The CFPB has ordered Apple and Goldman Sachs to pay over $89 million for mishandling Apple Card transaction disputes and misleading consumers about interest-free payment options. The companies failed to properly manage disputes and misled customers about interest-free plans, resulting in penalties and restrictions.
October 23, 2024 | 2:12 pm
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NEGATIVE IMPACT
Apple is fined $25 million by the CFPB for failing to manage Apple Card transaction disputes and misleading consumers about interest-free payment options.
Apple's involvement in the mishandling of transaction disputes and misleading consumers about interest-free payment options has led to a significant fine. This negative legal outcome could impact investor sentiment and Apple's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Goldman Sachs is ordered to pay $64.8 million by the CFPB for failing to handle Apple Card disputes properly and misleading consumers about interest-free payment plans.
Goldman Sachs faces a substantial penalty for its role in the Apple Card dispute mishandling and misleading consumers. This regulatory action could negatively affect its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80