WASHINGTON (dpa-AFX) - Friday, Corpay, Inc. (CPAY) announced that it will pay $100 million as a part of proposed settlement with the Federal Trade Commission to resolve previously disclosed allegations relating to marketing and disclosure practices in its U.S. Vehicle Payments business.
The company added that the proposed settlement will resolve the matter without any admission of wrongdoing. Also, CEO Ron Clark is not subject to any financial payment as part of this settlement.
Further, Corpay does not expect the proposed settlement to have a material impact on its ongoing operations or financial results.
Currently, CPAY was trading at $399.61, down 1.15 percent on the NYSE.
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