6 sources·Business

Apple and Goldman Sachs Fined $89 Million for Apple Card Failures

Apple and Goldman Sachs face penalties from the CFPB for mishandling consumer disputes regarding the Apple Card, leading to customer harm.

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Updated: Oct 23rd, 2024, 7:32 PM ET

Summary

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The Consumer Financial Protection Bureau has ordered Apple and Goldman Sachs to pay a combined $89 million due to their failures in handling Apple Card disputes. The agency found that Apple did not send numerous dispute cases to Goldman Sachs, and when disputes were forwarded, Goldman failed to comply with federal investigation requirements. Additionally, customers were misled about interest-free financing for Apple products, resulting in unauthorized interest charges. Both companies dispute the agency's findings but are required to provide redress to impacted customers.

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