Goldman, Apple to Pay $89 Million After CFPB Card Probe (1)

Goldman Sachs Group Inc. and Apple Inc. will pay more than $89 million to resolve a long-running investigation into their credit-card joint venture after the top US consumer watchdog said the pair misled customers and mishandled disputes.

The Consumer Financial Protection Bureau said customer service breakdowns and misrepresentations affected hundreds of thousands of Apple Card users. The companies also misled consumers about interest-free payment plans for Apple devices, it said in a statement.

The agency ordered Goldman to pay at least $19.8 million in redress and a $45 million penalty while fining Apple $25 million. The CFPB also banned Goldman ...