Federal Trade Commission Files Complaint Against Fleetcor Technologies, Inc. to Obtain Injunctive Relief, Rescission or Reformation of Contracts, Restitution, the Refund of Monies Paid, Disgorgement of Ill-Gotten Monies, and Other Equitable Relief for Alleged Violations
January 02, 2020 at 11:38 pm IST
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Federal Trade Commission filed a complaint against FleetCor Technologies, Inc. to obtain injunctive relief, rescission or reformation of contracts, restitution, the refund of monies paid, disgorgement of ill-gotten monies, and other equitable relief for alleged violations of the Federal Trade Commission Act. FleetCor provides commercial payment solutions in North America, Latin America, Europe, and Australasia. According to the complaint, FleetCor has marketed its fuel cards, charge cards that customers can distribute to vehicle drivers to purchase fuel and other transportation-related products and services, since at least 2014. FleetCor has enticed businesses to sign up for its fuel cards by making claims that it will allow customers to save money, provide fraud controls from unauthorized transactions, and do not require set-up, transaction, or membership fees. FleetCor failed to mention, however, that many small- and medium-sized business customers do not achieve the claimed per-gallon savings FleetCor advertised, that FleetCor's fuel cards permit unauthorized purchases of any type of goods available at a fueling site regardless of whether a customer selected fuel only status, and that after signing up, many customers are subjected to millions of dollars in unexpected fee charges. As a result of these exploitative business practices, many of FleetCor's customers have complained to entities like the Better Business Bureau and The Federal Trade Commission, leading to litigation against FleetCor that could potentially damage its investors.
Corpay, Inc., formerly FLEETCOR Technologies, Inc., is a corporate payments company. It helps businesses and consumers pay expenses. Its suite of payment solutions helps its customers manage vehicle-related expenses, such as fueling and parking; travel expenses, such as hotel bookings, and payables, such as paying vendors. Its solutions include AP Automation, Cross-Border and Commercial Cards. Its AP Automation solutions include procure-to-pay, payment automation and integrations. Its Procure-to-Pay optimizes accounts payable workflows with scheduled payments, automated approvals and real-time tracking, and enables cash flow management and financial decisions. Its trading platform and integrated payment solutions, which can be customized as per clientâs business requirements. Its Multi-Card is a payment method that offers a tailored solution designed for the clientâs business transactions. Its ExpenseTrack platform offers real-time automation, robust security and customized reporting.
Federal Trade Commission Files Complaint Against Fleetcor Technologies, Inc. to Obtain Injunctive Relief, Rescission or Reformation of Contracts, Restitution, the Refund of Monies Paid, Disgorgement of Ill-Gotten Monies, and Other Equitable Relief for Alleged Violations