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id: 496, Created by Stan Vick, Scout
Mark Kusnier, et al. v. Affirm Holdings Case
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On December 16, 2021, the Consumer Financial Protection Bureau announced that it had launched an inquiry into Affirm’s BNPL payment service, along with four other companies offering BNPL.
The CFPB indicated that it was concerned about how BNPL leads to “accumulating debt, regulatory arbitrage, and data harvesting,” and is seeking data on the risks and benefits of the products. In a statement addressing BNPL services, the CFPB Director stated, “the consumer gets the product immediately but gets the debt immediately too.”
On this news, AFRM stock price dropped over 10% on December 16, 2021, seriously damaging investors.
Taking appearing facts into account, Investors have reasons to suspect that the Company, its Leaders, and its Service Providers did not properly disclose information about the Company’s business, operations, and compliance policies.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
15 December 2021
08 December 2022
Hon. William H. Orrick