Bloomberg News to Pay $500,000 over Misleading Subscription Practices

New York Attorney General Letitia James announced Monday that Bloomberg News will pay $500,000 in penalties and provide refunds to eligible customers after an investigation found it failed to disclose automatic renewals, steep price increases, and made subscriptions difficult to cancel. Some promotional subscriptions jumped from $1.99 for three months to $39.99 per month, while student annual plans increased from $99 to $415 after graduation. Bloomberg must also improve its subscription disclosures, cancellation procedures, and renewal notifications.