Goldman and Apple pay $89M over alleged Apple Card consumer violations
By 
Adrianne Appel2024-10-24T17:54:00
Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau (CFPB) said Wednesday.
Apple Card, a credit card, launched in 2019 and was the result of a novel pairing up between a tech company and an investment bank. The collaboration involved Goldman extending the credit and handling accounts, and Apple designing the apps and interfaces for users of Apple devices to access their Apple Card accounts.
Goldman is one of the largest investment banks in the world. Apple is a multinational tech company that had offered consumer financial services since 2014, to encourage more people to buy its high-end devices. But neither company had launched a credit card until Apple Card.
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