FTC lawsuit accuses L.A. cash app Dave of charging hidden fees [Yahoo! Finance]
MoneyLion Inc. Class A (ML)
Company Research
Source: Yahoo! Finance
In a complaint filed Tuesday, the agency alleges that while Dave advertises it offers $500 advances "instantly," only a "miniscule" number of customers receive close to that amount. It also says customers are unaware they must pay a fee to get immediate cash, or else wait several days, and that the app charges a default "tip" of 15% that many customers don't know they are paying. The federal lawsuit filed in Los Angeles, which includes additional allegations of wrongdoing, seeks a permanent injunction to prevent future violations of FTC regulations and a 2010 law that regulates online commerce. "Dave lured in consumers living paycheck-to-paycheck with false claims of big dollar advances, then reached into their pockets to give itself a so-called 'tip,'" said Samuel Levine, director of the agency's Bureau of Consumer Protection, in a statement. Dave founder and Chief Executive Jason Wilk declined to comment, but the company issued a statement disputing the allegations. It said i
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ML
Earnings
- 11/7/24 - Miss
ML
Sec Filings
- 11/8/24 - Form 4
- 11/8/24 - Form 4
- 11/8/24 - Form 4
- ML's page on the SEC website