Wall Street News: Apple Inc and Goldman Sachs Group Inc Hit with $89 Million Penalty
Wednesday, 23 October 2024, 15:24
Wall Street Faces Penalties
In a major development on Wall Street, Apple Inc and Goldman Sachs Group Inc are ordered to pay over $89 million due to failures involving the Apple Card. The Consumer Financial Protection Bureau (CFPB) took action against them for mishandling consumer disputes related to Apple Card transactions.
Impact on Consumers and Financial Markets
This fine highlights ongoing issues banks face while managing technology-driven financial products. As business practices are scrutinized more closely, companies in the sector may need to rethink their products and services.
- Apple Card transaction disputes
- Goldman Sachs' role in consumer finance
- Regulatory landscape for technology banks
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.