PayPal to give up $30M after DOJ accusations of bias in favor of minority-owned businesses
Summary
PayPal has agreed to a $30 million settlement with the U.S. Justice Department after concerns about its support for minority-owned businesses. As part of this deal, PayPal will waive processing fees on $1 billion in transactions to help these businesses.Key Facts
- PayPal signed a settlement with the U.S. Justice Department on a Tuesday.
- The settlement is worth $30 million related to PayPal's support for minority-owned businesses.
- PayPal will waive processing fees on transactions totaling $1 billion.
- The aim is to help minority-owned businesses by reducing their payment costs.
- In 2020, PayPal created the Economic Opportunity Fund to support minority businesses.
- The Justice Department raised concerns about PayPal meeting its commitments under this fund.
- The settlement resolves those concerns and launches a new initiative by PayPal.
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