Goldman, Apple to pay $89 mn following CFPB probe of credit card JV

Goldman Sachs Group Inc. and Apple Inc. will pay more than $89 million following a long-running investigation of their credit-card joint venture, the top consumer watchdog announced Wednesday.

The Consumer Financial Protection Bureau said the action concerned customer service breakdowns and misrepresentations that affected hundreds of thousands of Apple Card users, according to a statement. The CFPB ordered Goldman to pay at least $19.8 million in redress and a $45 million civil money penalty, while Apple must pay a $25 million civil money penalty, it said.