Business news in brief
By The Associated Press
Apple, Goldman Sachs must pay $89M for mishandling Apple Card
NEW YORK | A federal regulator on Wednesday ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled transaction disputes of Apple Card customers.
The Consumer Finance Protection Bureau orders point to “customer service breakdowns and misrepresentations” around Apple and Goldman’s credit card partnership. 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 said.
As a result, many consumers faced long waits to get their money back from disputed charges and, in some cases, saw incorrect negative information added to their credit reports, the CFPB added.
U.S. fines American Airlines $50M
DALLAS | The U.S. government fined American Airlines $50 million for failing to provide wheelchair assistance to passengers with disabilities and damaging thousands of wheelchairs over a five-year period.
The Transportation Department said Wednesday that “in some cases,” wheelchair users were injured, but it did not give a number.
American said it has made significant investments to improve the handling of wheelchairs. The airline will be credited $25 million, or half of its civil penalty, for those investments and compensation paid to affected passengers, according to a consent order.
The incidents raised by the Transportation Department occurred between 2019 and 2023.
Coke’s quarterly revenue and volumes fall
Coca-Cola Co. said Wednesday its third-quarter revenue fell as sales volumes flattened or declined around the world.
But the company still beat Wall Street’s forecasts and said it expects full-year organic revenue to rise 10%, which is at the high end of its previous guidance.
The Atlanta beverage giant said its revenue fell 1% to $11.9 billion. That beat Wall Street’s forecast of $11.6 billion, according to analysts polled by FactSet.
Coke hiked prices 10% in the July-September period. The company said that was partly due to hyperinflation in markets like Argentina. Coke has raised prices every quarter since the end of 2020.
—From AP reports
