Bloomberg to pay $500,000 over hidden subscription price jumps

Bloomberg will pay $500,000 to settle claims from New York Attorney General Letitia James that it did not clearly disclose the terms of some Bloomberg.com subscriptions. In one example, a first-time price of $1.99 a month for three months automatically rose to $39.99 a month.

What the state found

Bloomberg L.P. is the parent company of Bloomberg News. The Attorney General's Office says it did not clearly disclose subscription terms, did not send adequate acknowledgments after purchase and did not give customers enough notice before automatic renewals. Customers also had trouble canceling.

Buyers were told during signup that they could "cancel any time," but annual subscriptions were not refunded. New York law requires companies to disclose the length, renewal terms and cancellation policy. They must also get consent, give written acknowledgment and offer an accessible way to cancel.

Who can get money back

Bloomberg must change its subscription practices and offer refunds to eligible customers in New York and nationwide. That includes people who complained to Bloomberg, the Federal Trade Commission, the Better Business Bureau or the Attorney General's Office. Customers who canceled after a renewal at a higher price can also get restitution, which means money returned.

The material does not say how much refunds will be, how customers will be contacted or whether there is a deadline. Anyone who thinks they qualify may want to find their renewal charge and any past complaint records.