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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-07-08T14:05:00
Vroom, the former online used car dealer, agreed to pay $1 million to settle allegations by the Federal Trade Commission (FTC) that it didn’t abide by consumer protection laws, including providing prompt refunds.
The Texas-based company sold more than 170,000 used cars through its website before it shut down that part of its business in January. Usually, customers bought the cars without seeing or driving them first. The company claimed the cars underwent detailed inspections, in which 184 points were checked, to make sure they were in good condition.
Under the Used Car Rule, Vroom was supposed to prepare “Buyers Guides” for each car, including whether a warranty was provided and what was covered, but Vroom failed to do so, the FTC alleged. Complaints by consumers about the poor condition of cars and the company failing to deliver a purchased vehicle within the promised 14 days mounted, the FTC said in its complaint, filed Tuesday in U.S. District Court for the Southern District of Texas. Some customers waited three months for their cars to be delivered.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-10-08T18:08:00Z By Jeff Dale
Electric vehicle maker Fisker is under investigation by the Securities and Exchange Commission over potential violations of federal securities laws related to the preservation of records and documents involving its Chapter 11 bankruptcy filing.
2024-08-19T19:24:00Z By Adrianne Appel
A new rule by the Federal Trade Commission will crack down on fake product reviews, whether written by humans or artificial intelligence.
2024-06-17T20:41:00Z By Adrianne Appel
The Federal Trade Commission took aim at Adobe and two executives Monday for making it too difficult for consumers to cancel their subscriptions and often charging a fee to do so.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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