Apple Card Lawsuit: $89 Million Penalty For Goldman Sachs

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Post on Oct 23, 2024

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Apple Card Lawsuit: Goldman Sachs Slapped with an $89 Million Fine

Remember that whole Apple Card kerfuffle a few years back? You know, the one where folks were complaining about discriminatory loan limits? Well, it seems the big boys in suits at Goldman Sachs are finally paying the price. A whopping $89 million fine, to be exact.

It all started with a bunch of folks who felt they were unfairly getting lower credit limits compared to their male counterparts. Talk about a buzzkill! They decided to sue, and guess what? They won! Boom! The lawsuit alleged that Goldman Sachs' algorithms were biased and punishing women by offering them lower limits.

The New York State Department of Financial Services, the folks who regulate all those fancy financial institutions, found that Goldman Sachs had indeed dropped the ball. They failed to provide adequate information about their credit limit algorithms and didn't do enough to ensure fairness.

This settlement isn't just about a bunch of money. It's a huge win for fairness and transparency in the financial world. It's a message that algorithms need to be fair and not discriminate against anyone based on their gender, race, or anything else.

What's Next for Goldman Sachs?

This isn't the end of the road for Goldman Sachs. They're still under scrutiny for their credit card practices, and they need to make some serious changes to ensure they're treating everyone fairly. They need to get their act together and show the world that they're taking fairness seriously!

This whole ordeal should be a wake-up call for all financial institutions. They need to be transparent, accountable, and fair in their lending practices. It's time to ditch the bias and make sure everyone gets a fair shake!