Bloomberg to Pay New York $500K Over Subscription Pricing Practices
Nov 03, 2026New York says Bloomberg.com failed to make renewal prices and cancellation terms clear to subscribers. The settlement requires refunds for eligible customers and changes to how subscriptions are sold and managed.
Bloomberg has agreed to pay $500,000 in penalties and refund eligible subscribers after a New York investigation found problems with how the publisher disclosed subscription prices, handled automatic renewals and allowed customers to cancel. Attorney General Letitia James announced the settlement November 2.
The investigation concerned consumer subscriptions to Bloomberg.com, including monthly, annual and student plans, rather than Bloomberg Terminal contracts. It examined practices that generally took place between February 2021 and December 2023. Bloomberg neither admitted nor denied the attorney general’s findings but agreed to change its subscription practices.
When the promotional price ends
Bloomberg offered substantial discounts to attract subscribers. A monthly digital subscription could start at $1.99 per month for three months before rising to $34.99. An annual student subscription could jump from $99 to $415 after graduation, an increase of $316. These were examples of offers from the period investigated, not necessarily prices Bloomberg advertises today.
The attorney general found that promotional prices were prominently displayed, while information about later charges and automatic renewal sometimes appeared in smaller, lighter text or away from the purchase button. Student offers also failed to adequately explain that subscribers would begin paying the regular price after graduation.
Bloomberg’s purchase confirmations did not adequately explain subscription terms or provide the cancellation information required by law, according to the investigation. The attorney general also found that subscribers did not receive sufficient notice before automatic renewals.
What did “cancel anytime” mean?
Bloomberg told customers they could cancel anytime. But according to the settlement, subscribers had to request cancellation either 24 or 48 hours before renewal, depending on the offer, to avoid another charge.
Missing that deadline could mean paying for another full subscription period, potentially several hundred dollars for an annual plan. The attorney general also found that Bloomberg’s customer-service representatives were instructed not to refund annual subscriptions. Although cancellation doesn’t necessarily entitle a subscriber to a refund for unused time, New York found that Bloomberg had not adequately explained its cutoff deadlines and refund policies alongside its cancellation promise.
The process of canceling could be difficult, too. Some subscribers had to work through multiple pages of questions and options on Bloomberg’s website or chatbot before reaching a way to cancel. Email and phone cancellation were available, but the company did not clearly publicize those options, according to the investigation.
Refunds and required changes
Along with the $500,000 penalty, Bloomberg must provide refunds to eligible subscribers across the United States. The settlement covers several groups, generally involving subscriptions purchased between February 9, 2021, and June 30, 2023.
Some qualifying customers may receive $15 for certain monthly promotional renewals or up to $200 for certain annual renewals. Other provisions cover student subscribers whose discounts ended and customers who complained about cancellation problems. Eligibility depends on the type of subscription and when customers subscribed, renewed, complained or canceled. Not everyone who paid a higher renewal price qualifies, and the total restitution amount hasn’t been disclosed.
Bloomberg must also change how it presents and manages subscriptions. The agreement requires clearer pricing and renewal terms during enrollment, informed consent to recurring charges, and purchase confirmations identifying the next charge date, cancellation deadline and available cancellation methods.
For automatically renewing plans other than monthly subscriptions, Bloomberg must generally provide notice 15 to 45 days before renewal. Online cancellation must be at least as easy as signing up, with a clearly identified cancellation option inside the subscriber’s account.
Most operational changes must be completed within two months of the agreement’s November 2 effective date, subject to specified exceptions. Bloomberg must issue restitution payments within 90 days, designate someone responsible for compliance and establish written policies and procedures.
The settlement relies on existing New York consumer-protection laws and the federal Restore Online Shoppers’ Confidence Act. Its specific requirements apply to Bloomberg and do not create a new nationwide subscription rule.
New York has pursued other subscription cases this year, securing $400,000 from online medication provider Thirty Madison in August and $375,000 from 1-800-Flowers in July. Those settlements involved subscription practices and automatic-renewal disclosures.
Insider Take
The $500,000 penalty may be the least interesting part of Bloomberg’s settlement. A state attorney general used existing New York and federal law to challenge practices across the subscription experience, from promotional offers to cancellation. Bloomberg must now change how it handles those interactions and refund eligible customers. It’s another reminder that state enforcement continues independently of new federal rulemaking.
The case also raises an uncomfortable question about subscription performance. When customers continue paying because they didn’t understand a price increase or struggled to cancel, how much of that revenue reflects genuine subscriber value? The settlement doesn’t tell us how widespread that problem was at Bloomberg.
Bloomberg’s settlement concerns New York and federal rules governing what subscribers see when they sign up, how they agree to recurring charges and how they can cancel. These briefs explain the requirements behind the case.
Explains New York’s requirements for subscription offers, affirmative consent, price changes, renewal notices and cancellation. It provides the state-law context for the practices examined in the Bloomberg settlement.
Covers the federal rules for online recurring subscriptions, including disclosure of terms before purchase, informed consent and ways to stop recurring charges. It also distinguishes the current federal requirements from the vacated Click-to-Cancel rule.
Sources
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