00:00It's Benzinga bringing Wall Street to Main Street.
00:02Adobe reached a $150 million settlement with the U.S. government to resolve a lawsuit accusing
00:08the company of concealing termination fees and making subscription cancellations difficult,
00:12according to Reuters. The agreement requires Adobe to pay a $75 million civil fine and provide
00:19$75 million in free services to customers pending court approval. A June 2024 complaint from the
00:26Justice Department and Federal Trade Commission alleged Adobe hid termination fees for its
00:30annual paid monthly plan and created barriers to canceling subscriptions.
00:35The settlement also resolved claims against two Adobe executives.
00:39Adobe denied wrongdoing, but said it recently streamlined its sign-up and cancellation processes.
00:44Subscriptions generated 97% of Adobe's $6.4 billion quarterly revenue ending February 27th.
00:52For all things money, visit Benzinga.com.
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