6 sources
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1y ago

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.

Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures
CNBCCNBC

Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures

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CNBC
Apple and Goldman Sachs ordered to pay $89 million over Apple Card failures
NPRNPR

Apple and Goldman Sachs ordered to pay $89 million over Apple Card failures

NPR
Apple and Goldman Sachs must pay $89 million for mishandling Apple Card transactions, CFPB orders
Associated PressAssociated Press

Apple and Goldman Sachs must pay $89 million for mishandling Apple Card transactions, CFPB orders

Associated Press
Goldman and Apple fined $89mn over US credit card programme
Financial TimesFinancial Times

Goldman and Apple fined $89mn over US credit card programme

Financial Times

Overview

A summary of the key points of this story verified across multiple sources.

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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