Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice (DOJ) alleging misuse of data obtained through federal regulatory contracts.
Argus was tasked with validating, aggregating, storage, retrieval, and reporting services for anonymized credit card data that regulatory agencies directed banks to provide but broke its contract by misusing the data to create proxy data it incorporated into products and services sold to commercial customers, the DOJ said in a press release Tuesday.
