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

AP Business Writer

NEW YORK (AP) — A federal regulator has ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled Apple Card customers’ transaction. The Consumer Finance Protection Bureau says Apple failed to send tens of thousands of Apple Card disputes to Goldman. And when such customer disputes were reported, the investment bank did not follow federal requirements for investigating. The agency says many consumers faced long waits to get their money back from disputed charges and, in some cases, saw damages to their credit reports. Beyond penalties and relief to those impacted, the agency is barring Goldman from launching another new credit card unless it can prove the product will comply with the law.