- New York AG Letitia James secured a $500,000 settlement with Bloomberg L.P. over allegations that Bloomberg News failed to adequately disclose subscription terms, including automatic renewals and significant price increases.
- The AG’s investigation alleged that customers were not properly notified when introductory subscription rates expired and prices increased, resulting in unexpected charges after initial promotional periods. It also alleged that Bloomberg News failed to clearly disclose renewal terms, provide post-purchase notices, notify customers before subscriptions are automatically renewed, and further made cancellation difficult by directing customers through multiple webpages and chatbot prompts before presenting cancellation options.
- Under the settlement, Bloomberg News must pay $500,000 in penalties and provide refunds to eligible subscribers in New York and nationwide, including consumers who filed complaints or canceled after an automatic renewal at a higher price. The company must also improve subscription disclosures, obtain customers’ informed affirmative consent to automatic renewals, provide legally compliant subscription confirmations, and give adequate advance notice of renewals.