Apple, Goldman Sachs Pay $89 Million For Apple Card Issues

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Post on Oct 23, 2024

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Apple and Goldman Sachs Pay Big Bucks for Apple Card Issues

You know how much I hate it when my credit card gets messed up? Like, who wants to deal with that hassle? Well, apparently Apple and Goldman Sachs are feeling the same way. They've been slapped with a whopping $89 million to settle a class-action lawsuit over some serious Apple Card issues.

The lawsuit, filed in 2020, claimed Apple and Goldman Sachs discriminated against women when determining credit limits. It was a total mess, with the plaintiffs saying their credit limits were way lower than men with similar financial situations. Ouch!

What Went Wrong?

So, what exactly went wrong? Well, it seems the algorithm that determined credit limits was a bit biased. It wasn't taking into account factors like income and debt history, instead relying on a bunch of other stuff that ended up unfairly impacting women.

The lawsuit accused Apple and Goldman Sachs of "sex-based discrimination", which is a big deal, especially in this day and age. They said the system was unfair and caused women to pay more interest and fees. Not cool, right?

The Settlement: A Win for Women?

The settlement, which has been approved by a federal judge, will compensate thousands of affected users. It's a pretty big win for women who experienced this unfair treatment.

While this settlement doesn't mean Apple and Goldman Sachs are admitting wrongdoing, it definitely shows they're trying to make things right. Hopefully, this will lead to some serious improvements in the way credit limits are determined, and women won't have to worry about being discriminated against anymore.

Let's hope this is a wake-up call for the tech industry to really look at how they're using algorithms. It's about time we had some fairness in the system!