Bloomberg has agreed to pay $500,000 in penalties and provide refunds to eligible subscribers over its subscription and cancellation practices, according to the New York attorney general’s office.
The settlement covers practices involving automatic renewals, price increases and cancellation barriers.
The attorney general’s office said Bloomberg L.P. did not clearly disclose renewal terms, provide adequate purchase acknowledgments or give sufficient notice of renewals.
One promotional subscription rose from $1.99 for the first three months to $39.99 a month, while a $99 annual student subscription could rise to $415 after graduation.
The office said subscribers faced a website and chatbot cancellation process beginning in 2021, while email and telephone cancellation options were not disclosed until 2023.
Eligible refunds include consumers who complained to Bloomberg, the Federal Trade Commission, the Better Business Bureau or the attorney general’s office, as well as those who canceled after a renewal at a higher price.
The agreement requires clearer disclosures, consent to renewal terms, purchase acknowledgments, cancellation options and renewal notices.
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