Payment Co., Ex-Exec Settle FTC Fraud Claims For $40M

Law360 (May 19, 2020, 5:00 PM EDT) -- Payment processor First Data Merchant Services LLC and a former executive will pay the Federal Trade Commission more than $40.2 million to end the federal regulator's allegations that they enabled bad actors to process credit card payments as part of widespread fraud, the FTC said Tuesday.

According to proposed settlement terms made available by the FTC, First Data, which is now owned by Fiserv Inc, will pay $40 million and the company's former vice president Chi "Vincent" Ko will pay $270,373 as part of their settlement agreements with the FTC. The agency's suit against the pair was also filed Tuesday in...

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