October 23, 2024 – 8:18 AM PDT
(Reuters) – Corporate giants Goldman Sachs (GS.N) and Apple (AAPL.O) will pay $89 million for violations of consumer protection laws in their joint credit card business, the U.S. Consumer Financial Protection Bureau announced Wednesday.
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In partnership to finance Apple customers’ purchases through the Apple credit card, the two companies mishandled transaction disputes and misled iPhone purchasers about whether their purchases were in fact interest-free, according to the agency.
In addition to penalties and consumer redress, Goldman Sachs will face restrictions on its ability to issue new credit cards, the announcement said.
CFPB Director Rohit Chopra said the misconduct had affected hundreds of thousands of Apple Card users.
“This led to wrongful charges, mishandled disputes and damaged credit reports,” he…
