Apple and Goldman Sachs defrauded Apple Card customers, regulators say

Apple and investment bank Goldman Sachs mishandled disputes over interest-free payment options through their Apple Card partnership and misled iPhone buyers, delaying refunds for customers with disputed transactions or putting damaging information on their credit report, federal regulators said Wednesday.

The Consumer Financial Protection Bureau levied a $25 million fine against Apple and Goldman ordered Sachs to pay $45 million in fines and at least $19.8 million in customer refunds. The agency also restricted the availability of investment banks to offer other credit cards without a compliance plan.