Citibank Dinged $700M for Scamming Credit Card Customers


The Consumer Financial Protection Bureau last week ordered Citibank and its subsidiaries to pay about $700 million in relief to eligible consumers and a $35 million civil penalty for, in essence, scamming consumers into paying for unwanted credit card add-on products and services. This is the 10th action the bureau has undertaken against banks for deceiving consumers in its four years of existence.
The CFPB’s consent order names Citibank, Department Stores National Bank, and Citicorp Credit Services as the defendants.

The original article can be found here: http://www.ecommercetimes.com/story/82310.html?rss=1

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GT Files for Chap 11 After Apple's Sapphire Interest Wanes


GT Advanced Technologies and seven of its direct and indirect subsidiaries on Monday announced they had filed for Chapter 11 bankruptcy. GT, which makes sapphire components used in the iPhone, iPad and iPod touch, expects the U.S. Bankruptcy Court for the District of New Hampshire to authorize the company to continue to conduct business as usual while it attempts to resolve its current financial issues and develop a reorganization plan. “GT has a strong and fundamentally sound underlying business,” said GT President and CEO Tom Gutierrez.

The original article can be found here: http://www.ecommercetimes.com/story/81158.html?rss=1

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