this post was submitted on 15 Dec 2023
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Technology
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This is the best summary I could come up with:
Adobe has revealed it may have to fork out "significant monetary costs or penalties" as a result of a US Federal Trade Commission (FTC) investigation of its subscription cancellation practices.
President of digital media David Wadhwani celebrated record numbers of new commercial subscriptions for Adobe Creative Cloud.
Adobe's filing reveals that the regulator is considering its actions regarding "our disclosure and subscription cancellation practices relative to the Restore Online Shoppers' Confidence Act."
That Act, as explained by law firm Hinch Newman LLP, means outfits that offer subscription services must never:
Adobe's filing reveals that in November 2023, FTC staff "asserted that they had the authority to enter into consent negotiations to determine if a settlement regarding their investigation of these issues could be reached."
But it's warned investors that defending the matter – or paying fines if it can't do so – could cost it enough to "have a material impact on our financial results and operations."
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