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NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes
NYers To Receive Share of $106M Settlement Over Vanguard Retirement Fund Changes Thousands of New Yorkers forced to pay higher taxes on their retirement savings are set to receive restitution after a $106 million, multi-state settlement was reached with Vanguard Group. The agreement, announced by New York Attorney General Letitia James on Friday, Jan. 17, comes after the investment advisory firm failed to inform investors of changes to its retirement funds.  Those changes led to unexpected and significant capital gains tax bills for hundreds of thousands of investors, including over 15,000 in New York, James’ office said. An investigation found that Vanguard reduc…

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by Michael Mashburn
Business
American Express To Pay $230M For Misleading Small Business Customers American Express To Pay $230M For Misleading Small Business Customers
American Express To Pay $230M For Misleading Small Business Customers American Express said it will pay $230 million to resolve federal investigations into deceptive sales tactics and recordkeeping violations involving small business credit card and wire transfer products. The credit card company agreed to pay a $108.7 million civil penalty, the Department of Justice said in a news release on Thursday, Jan. 16. The settlement resolved claims against American Express of deceptive marketing and "dummy" account information. American Express was accused of engaging in unlawful sales tactics and falsifying records between 2014 and 2021. "When financial companies …

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by Chris Spiker
News
Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers
Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers Bad math at Equifax led to bad rates for New Yorkers – now it’s paying up. The credit reporting agency agreed to a $725,000 settlement reached with the Empire State Tuesday, Jan. 15, after a coding error wrongly lowered credit scores for over 77,000 New Yorkers. An investigation found that the three-week error in March 2022 caused inaccurate credit scores to be reported to lenders and insurers. The flub resulted in higher rates on loans, insurance policies, and other financial products for many consumers, James’ office said. Equifax, one of the nation’s largest credit reporting agencies, c…

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by Michael Mashburn
Business
NY Baby Formula Suppliers Accused Of Price Gouging Agree To $675K Settlement NY Baby Formula Suppliers Accused Of Price Gouging Agree To $675K Settlement
NY Baby Formula Suppliers Accused Of Price Gouging Agree To $675K Settlement Thousands of cans of baby formula are being distributed to families in need across New York after a settlement was reached with two companies accused of illegal price gouging. New York Attorney General Letitia James announced on Monday, Dec. 18, that her office had secured $675,000 worth of baby formula from Marine Park Distribution Inc. and its affiliate, Formula Depot Inc., following an investigation into price gouging during the nationwide formula shortage in 2022. The companies allegedly raised formula prices by more than 60 percent in some cases, with costs doubling for certain product…

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by Michael Mashburn