U.S. Watchdog Orders Goldman Sachs, Apple To Pay $89 Million Over Consumer Violations

Corporate giants Goldman Sachs and Apple have been ordered to pay $89 million for violations of consumer protection laws related to their joint credit card business, the U.S. Consumer Financial Protection Bureau (CFPB) announced, Douglas Gillison reported for Reuters.

Goldman Sachs will also face restrictions on its ability to issue new Apple credit cards. I Photo: Marco Pac Pasqualotto Flickr

In addition, Goldman Sachs will face restrictions on its ability to issue new credit cards, the CFPB revealed.

"The companies violated consumer financial protection laws through practices related to the Apple Card, affecting hundreds of thousands of Apple Card users," CFPB Director Rohit Chopra told reporters.

"This resulted in wrongful charges, mishandled disputes, and damaged credit reports."