Nuvei settles FTC fraud case for $4.85m: processors get a knowledge test

Nuvei FTC settlement

Nuvei will pay $4.85 million to settle FTC charges that it opened and kept merchant accounts for schemes it knew were defrauding consumers, including more than $30 million processed for the Reimage tech support scam. The accompanying commissioner statement sets a knowledge requirement for payment processor liability for the first time.

USTR readies 7.5% China overcapacity tariff: retail hits the 20% cap

China overcapacity tariff container terminal

The United States is preparing a 7.5% tariff on Chinese goods under a Section 301 excess capacity investigation, a step that would lift replacement duties to the 20% ceiling Beijing says Washington agreed to. Officials want the findings published before the September 24 summit in Washington.