12:04 PM EDT, 10/23/2024 (MT Newswires) -- (Update with Apple's ( AAPL ) response to a request for comment in the fifth paragraph.)

Goldman Sachs Group ( GS ) and Apple ( AAPL ) were ordered by the Consumer Financial Protection Bureau to pay over $89 million for alleged breakdowns in customer service and misrepresentations that impacted hundreds of thousands of Apple Card users.

The agency said it found that Apple ( AAPL ) failed to relay tens of thousands of Apple Card transaction disputes to Goldman Sachs ( GS ), and when the tech giant did send disputes to Goldman, the bank failed to follow several federal requirements for investigating the disputes.

The CFPB has ordered Goldman Sachs ( GS ) to pay at least $19.8 million in redress, a $45 million civil money penalty, and it banned the bank from launching a new credit card without providing a credible legal compliance plan. Apple ( AAPL ) was ordered to pay a $25 million civil money penalty.

"Apple Card is one of the most consumer-friendly credit cards that has ever been offered," a Goldman Sachs ( GS ) spokesperson said to MT Newswires in an email. "We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers. We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple ( AAPL )."

Meanwhile, an Apple ( AAPL ) spokesperson told MT Newswires: "Upon learning about these inadvertent issues years ago, Apple ( AAPL ) worked closely with Goldman Sachs ( GS ) to quickly address them and help impacted customers. While we strongly disagree with the CFPB's characterization of Apple's ( AAPL ) conduct, we have aligned with them on an agreement."

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