FTC Returns $324 million to US Consumers for 2023
The FTC recouped more than $324 million in refunds to consumers in 2023, the agency said Friday in its annual refund report. That number compares with $392.9 million in 2022, $472.4 million in 2021 and $483 million in 2020. The…
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FTC’s civil remedy authority was weakened in 2021 when a unanimous U.S. Supreme Court found FTC Act Section 13(b) doesn’t authorize the agency to seek equitable monetary relief like restitution or disgorgement (see 2104220068). The total for 2023 included $99 million returned to consumers who were charged fees when trying to cancel Vonage phone plans, the agency said. Slightly more than 88% of the $324 million was returned to consumers, the agency added. Another 2.9% of the funds were sent to the U.S. Treasury, and 9.1% of the funds covered administrative costs. The 9.1% administrative cost compares with 1.7% for 2022, 1.8% for 2021 and 6.5% for 2020.