Sunday, 27 September 2026
Sunday, 27 September 2026
- In brief
- 1Apple has put $250m into a fund for US iPhone buyers over its AI Siri. Each iPhone could get $25 to $95, depending on how many people claim.
- 2Amazon settles over missing return refunds
- 3Bank of England deputy warns rates may go up
- 4Labour meets with bills and a Budget ahead
- 5Australia plans automatic scam refunds
- 6Private loan funds ration withdrawals
- 7IMF urges Brazil to cap loan repayments
- 8Refund checks sent to student borrowers
- 9Data leak settlement offers $50 or losses
- 10Costco email case nears its final hearing
- 11US banks get ten days to check missing money
27 Sept · Money · In brief
Money · Sunday, 27 September 2026
Money, in brief
11 stories · 22 sources
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What is moving · 1 of 4
Settlement funds shared out
Amazon agreed to put $309.5m into one fund over missed refunds, and its lawyers may ask for up to $100m of it.
What is moving · 2 of 4
Bills climbing in Britain
The household energy price cap in Britain rises about 4% next week.
What is moving · 3 of 4
Borrowing getting dearer
A deputy governor of the Bank of England said a rise in interest rates is looking increasingly likely.
What is moving · 4 of 4
Getting money back
Australia wants banks and phone companies to refund verified scam losses under A$3,000 without a dispute.
Part of the day's signals
2 pressures seen across the day run through Money too.
11 stories
- 1Apple has put $250m into a fund for US iPhone buyers over its AI Siri. Each iPhone could get $25 to $95, depending on how many people claim.
- 2Amazon settles over missing return refunds
- 3Bank of England deputy warns rates may go up
- 4Labour meets with bills and a Budget ahead
- 5Australia plans automatic scam refunds
11 sources
Money, in brief
- 9Settlement Administrator Angeion Group Announces Proposed Class Action Settlement Involving Amazon.com
- 10BOE Rate Rise Increasingly Likely If Energy Prices Stay High, Deputy Governor Says
- 11Bank of England deputy says rate rise "increasingly likely"
- 12New policies, election speculation: What to expect from Burnham's first Labour conference as PM
- 13How long can Labour's feel-good factor last?
- 14Private Credit's Liquidity Squeeze Puts Lenders in a Tight Spot
- 15Australian scam victims could get rapid $3,000 refunds. Yet in the UK, it's more like $160,000
- 16Class Action Settlement Announced for Individuals Affected by Docketwise Data Incident
- 17$14 Million Costco Settlement: Are You Getting a Check?
- 18Brazil: Financial System Stability Assessment
- 19CFPB v. Performant Recovery
Apple has put $250m into a fund for US iPhone buyers over its AI Siri. Each iPhone could get $25 to $95, depending on how many people claim.
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Apple has agreed to pay $250m into one fund to settle a US lawsuit over Siri, the iPhone's voice assistant.
Who is involved
Apple
the US company that makes the iPhone; it agreed to pay $250m and denies doing anything wrong
Who is involved
Judge Noel Wise
the US federal judge in San Jose, California, hearing the case; she gave early approval in July
Why it matters
The next number to watch is how many claims arrive by 21 December, because it decides whether each iPhone gets nearer $25 or $95.
What's really going on
Apple and Amazon are settling lawsuits by paying fixed sums into funds, $250m and $309.5m.
What's really going on
Each buyer's share depends on how many other buyers claim, and the lawyers' fees come out of the same money.
Why it works on people
A total like $250m sounds large, but it is split across about 36 million iPhones before anyone is paid, so the number in the headline is not the number a buyer receives.
Who gains
The law firms acting for Apple's buyers
They can ask the judge for fees paid out of the $250m fund.
Who gains
Apple
It ends the case without admitting wrongdoing, and every buyer who does nothing gives up the right to sue it.
Who pays
iPhone buyers who do not claim
They get nothing and still give up the right to sue Apple over the same features.
Nobody knows yet
How many of the covered iPhones will be claimed.
No claim count has been published. On our own arithmetic, the $25 to $95 range only works if roughly 7% to 28% of the 36 million iPhones are claimed, before fees.
Nobody knows yet
How many iPhones the settlement covers.
The Guardian says roughly 36 million and Kiplinger says about 37 million.
Nobody knows yet
How much of Apple's $250m the lawyers will ask for.
The notice says the court-approved fees come out of the fund but gives no figure. The judge decides at the hearing on 24 February 2027.
Nobody knows yet
Whether the rebuilt Siri arrives when Apple said.
Apple said in June it would be widely released in the autumn. The lawsuit was about Siri features that buyers expected earlier and did not get.
Part of a signal
Companies paying out after court cases
Seen in 2 of the 12 beats
Also seen in Tech.
The whole signal →The short version
That's the story in short.
The whole story has 12 more parts.
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The whole story, in 12 parts ↓
Part 1 of 12 · Who else is involved
Clarkson, Cotchett Pitre & McCarthy, and Kaplan Fox
the three law firms acting for the buyers; the judge will rule on their fees, which come out of the fund
Part 2 of 12
Buyers said Apple sold the iPhone 16 on new AI features for Siri that were not there when they bought it.
Part 2 of 12
Apple denies doing anything wrong.
Part 3 of 12
The buyers' lawyers wrote that Apple promoted AI features that did not exist at the time.
Part 3 of 12
An Apple spokeswoman said the case was about two extra features among many.
Part 4 of 12
Part of the dispute was over the words "Available Now" on Apple's AI web page, Kiplinger reports.
Part 5 of 12
The deal covers anyone in the US who bought an iPhone 16 model, an iPhone 15 Pro or a 15 Pro Max there from 10 June 2024 to 29 March 2025.
Part 5 of 12
That is about 36 million iPhones.
Part 6 of 12
The law firms have opened a 90-day window for claims.
Part 6 of 12
It closes on 21 December 2026.
Part 7 of 12
Each iPhone could get about $25, and up to $95, depending on how many approved claims there are.
Part 8 of 12
The same $250m also pays the costs and the lawyers' fees that the court approves.
Part 9 of 12
A buyer who does nothing gets no money.
Part 9 of 12
They still give up the right to sue Apple over the same features.
Part 10 of 12
Judge Noel Wise gave the deal early approval on 17 July.
Part 10 of 12
At a hearing on 24 February 2027 she decides whether to approve it and the lawyers' fees.
Part 11 of 12
Apple showed a rebuilt Siri in June and said it would be widely released in the autumn.
Part 12 of 12
Kiplinger warns that fake settlement notices ask for money up front or for bank details.
Part 12 of 12
The US consumer regulator lists the same warning signs for scams.
8 sources
Apple has put $250m into a fund for US iPhone buyers over its AI Siri. Each iPhone could get $25 to $95, depending on how many people claim.
- 1Cotchett, Pitre & McCarthy Announces Opening of $250 Million Apple AI False Advertising Settlement Claims Period
- 2If You Purchased an iPhone 16, iPhone 16e, iPhone 16 Plus, iPhone 16 Pro, iPhone 16 Pro Max, iPhone 15 Pro, or iPhone 15 Pro Max from June 10, 2024, to March 29, 2025, a Class Action Settlement May Affect Your Rights
- 3Apple agrees to pay $250m over claims it misled buyers on Siri's AI features
- 4Apple Reaches $250 Million Settlement Over Claims It Misled People on A.I.
- 5Apple to pay up to $95 to some US iPhone buyers over AI lawsuit
- 6Some iPhone 15 and 16 Owners Could Get an Apple AI Settlement Payout. Do You Qualify?
- 7Apple debuts revamped 'Siri AI' and new child safety features for iPhones and iPads
- 8What are some classic warning signs of possible fraud and scams?
The full story
Apple has put $250m into a fund for US iPhone buyers over its AI Siri. Each iPhone could get $25 to $95, depending on how many people claim.
Apple has agreed to pay $250m into one fund to settle a US lawsuit over Siri, the iPhone's voice assistant.
Buyers said Apple sold the iPhone 16 on new AI features for Siri that were not there when they bought it.
The buyers' lawyers wrote that Apple promoted AI features that did not exist at the time.
Part of the dispute was over the words "Available Now" on Apple's AI web page, Kiplinger reports.
The deal covers anyone in the US who bought an iPhone 16 model, an iPhone 15 Pro or a 15 Pro Max there from 10 June 2024 to 29 March 2025.
The law firms have opened a 90-day window for claims.
Each iPhone could get about $25, and up to $95, depending on how many approved claims there are.
The same $250m also pays the costs and the lawyers' fees that the court approves.
A buyer who does nothing gets no money.
Judge Noel Wise gave the deal early approval on 17 July.
Apple showed a rebuilt Siri in June and said it would be widely released in the autumn.
Kiplinger warns that fake settlement notices ask for money up front or for bank details.
Why it matters. The next number to watch is how many claims arrive by 21 December, because it decides whether each iPhone gets nearer $25 or $95.
Amazon settles over missing return refunds
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Amazon has agreed to pay $309.5m to settle a US lawsuit over refunds for goods sent back, a notice dated 23 September says.
It covers people who returned an item bought on Amazon.com between September 2017 and February 2026 and got no refund, a late or wrong one, or were charged again later.
Some will be paid automatically.
Amazon denies doing anything wrong.
Why it matters
The fund also pays the settlement's running costs, and the lawyers may ask for up to $100m of it, so buyers share what is left.
Why it matters
- Lawyers' fees, at most$100m · 32%
- Costs and buyers$209.50m · 68%
Why it matters
None of the money can go back to Amazon, and a judge in Seattle rules on 16 March 2027.
How it works
Each share of a settlement shrinks as more buyers claim
How it works
Apple's $250m is split among the iPhone buyers who send a claim, so each extra claim makes every share a little smaller.
How it works · step 1 of 5
A company pays one fixed sum into a fund
How it works · step 2 of 5
Court-approved costs and lawyers' fees come out of it
How it works · step 3 of 5
Buyers who send a claim form each get a share
How it works · step 4 of 5
Each share is what is left, divided by the number of claims
How it works · step 5 of 5
Buyers who do nothing get nothing and cannot sue
The twist
Each buyer's payout depends on how many other buyers claim. Apple's range of about $25 to $95 an iPhone exists because nobody yet knows how many will send a form.
The picture
Dollars per iPhone if Apple's $250m were split across the 36 million covered, at three claim rates, before fees and costs. Our own arithmetic on the settlement's figures.
Seen the same day
Amazon's fund also pays the running costs and up to $100m for the lawyers, so buyers split what is left after those come out.
Seen the same day
Washington customers split one $14m fund instead of getting the $500 per email the state's law allows.
Seen the same day
BlackRock paid out 5% of the fund when investors asked for more than 9%, so the cash on offer was smaller than the queue asking for it.
The catch
Not every settlement works this way. Docketwise pays a set $50 a claim and pays its lawyers separately, so there, another person's claim does not shrink anyone else's.
The whole
Every US buyer of an eligible iPhone is in this fund, whether or not they know it.
The whole
Each one decides alone whether to fill in the form, and none of them can see how many others have.
Who gains
The lawyers in Amazon's returns case
They may ask for up to $100m of the $309.5m fund.
Who pays
Amazon customers in the claim-form group
They must send a form by 1 December 2026 to be paid.
Nobody knows yet
How much each Amazon customer will get.
The notice gives the $309.5m total and up to $100m for the lawyers, but no amount per person, and a judge rules on 16 March 2027.
Good news
After the lawsuit over its returns was filed, Amazon began paying refunds it had missed, including some it could not confirm it owed.
1 source
Amazon settles over missing return refunds
The full story
Amazon settles over missing return refunds
Amazon has agreed to pay $309.5m to settle a US lawsuit over refunds for goods sent back, a notice dated 23 September says.
- Lawyers' fees, at most$100m · 32%
- Costs and buyers$209.50m · 68%
Why it matters. The fund also pays the settlement's running costs, and the lawyers may ask for up to $100m of it, so buyers share what is left.
Bank of England deputy warns rates may go up
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Clare Lombardelli, a deputy governor of the Bank of England, said on 24 September that a rise in interest rates is looking increasingly likely if energy prices stay high.
Earlier this month she was one of six on the Bank's nine-member committee who voted to keep its rate at 3.75%.
Prices in Britain rose 3.1% in the year to August.
Why it matters
It would land on households already facing a rise of about 4% in the energy price cap next week.
Why it matters
Food prices, which were rising only 1.3% a year, are expected to climb towards 4% early next year.
Who pays
Households in Britain
The energy price cap goes up about 4% next week. Food is expected to cost about 4% more a year by early next year.
Nobody knows yet
Whether the Bank of England raises its rate.
Lombardelli tied it to energy prices staying high. Only three of the nine members voted for a rise this month.
Part of a signal
The full story
Bank of England deputy warns rates may go up
Clare Lombardelli, a deputy governor of the Bank of England, said on 24 September that a rise in interest rates is looking increasingly likely if energy prices stay high.
Why it matters. It would land on households already facing a rise of about 4% in the energy price cap next week.
Labour meets with bills and a Budget ahead
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Britain's governing Labour Party holds its yearly conference in Liverpool from Saturday to Wednesday, the first with Andy Burnham as prime minister.
Unite, its biggest union funder, wants help with living costs that its leader, Sharon Graham, calls "winter fuel in reverse".
Its ideas include a cap on energy prices and unfreezing tax thresholds, the income levels where tax starts.
It says a windfall tax, a one-off extra tax on bank profits, could pay for them.
Why it matters
The chancellor, John Healey, speaks on Monday, and his first Budget is next month.
Why it matters
One senior figure told the BBC the choice is 10bn pounds of cuts or 10bn pounds of tax rises; Treasury sources said they did not recognise that number.
Nobody knows yet
What John Healey's first Budget does to household bills and taxes.
One senior figure told the BBC the choice is 10bn pounds of cuts or 10bn pounds of tax rises. Treasury sources said they did not recognise that number.
2 sources
Labour meets with bills and a Budget ahead
The full story
Labour meets with bills and a Budget ahead
Britain's governing Labour Party holds its yearly conference in Liverpool from Saturday to Wednesday, the first with Andy Burnham as prime minister.
Why it matters. The chancellor, John Healey, speaks on Monday, and his first Budget is next month.
Australia plans automatic scam refunds
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Australia's government has proposed that banks, phone companies and online platforms automatically refund verified scam losses under A$3,000.
Australians reported 481,523 scams worth A$2.18bn in 2025, and the typical loss was A$400.
Britain has made banks refund push-payment scams, where the victim is tricked into sending money, up to 85,000 pounds since October 2024.
Why it matters
Daniel Mulino, Australia's financial services minister, said a higher line could make Australia a soft target for bigger scams.
Why it matters
In the first three months of Britain's scheme, 86% of scam losses were returned.
Who gains
Australian scam victims with small losses
Verified losses under A$3,000 would be refunded without a dispute.
Who pays
Australian victims of investment scams
Their typical loss of A$7,000 is above the A$3,000 line for automatic refunds.
Nobody knows yet
Whether Australia raises its A$3,000 line for automatic scam refunds.
The plan was put out for public comment, and the typical investment scam loss of A$7,000 sits above it.
Good news
Australia's government has proposed that banks, phone companies and online platforms automatically refund verified scam losses under A$3,000. Scam losses reported in Australia fell from a peak of A$3.1bn in 2022 to A$2.18bn in 2025.
Good news
In the first three months of Britain's compulsory scam refunds, 86% of the money lost was returned, and 84% of refunds were paid within five days.
1 source
Australia plans automatic scam refunds
The full story
Australia plans automatic scam refunds
Australia's government has proposed that banks, phone companies and online platforms automatically refund verified scam losses under A$3,000.
Why it matters. Daniel Mulino, Australia's financial services minister, said a higher line could make Australia a soft target for bigger scams.
Private loan funds ration withdrawals
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Funds that lend privately to companies were sold to well-off savers with the chance to cash out each quarter, usually capped at 5% of the fund, Morningstar reports.
Requests to leave reached a record high.
Blackstone instead put $400m into its fund, BCRED, so it could pay every request.
Why it matters
Matthew Malone of Opto Investments, a platform for investment advisers, told Morningstar that with these funds you cannot get out right away.
Why it matters
Experts said some investors could wait well over a year to get their money back.
How it works
BlackRock paid out 5% of the fund when investors asked for more than 9%, so the cash on offer was smaller than the queue asking for it.
The idea, in story 2: Each share of a settlement shrinks as more buyers claim →Who gains
BlackRock's HLEND fund
BlackRock says the 5% cap is foundational to the fund's 10.7% yearly return, because its loans run for years while investors may want cash sooner.
Who pays
Investors in BlackRock's HLEND fund
Requests to withdraw passed 9% of the fund, and withdrawals were capped at 5%.
Nobody knows yet
How long investors in private loan funds wait for their money.
Experts told Morningstar some could wait well over a year.
1 source
Private loan funds ration withdrawals
The full story
Private loan funds ration withdrawals
Funds that lend privately to companies were sold to well-off savers with the chance to cash out each quarter, usually capped at 5% of the fund, Morningstar reports.
Why it matters. Matthew Malone of Opto Investments, a platform for investment advisers, told Morningstar that with these funds you cannot get out right away.
IMF urges Brazil to cap loan repayments
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The IMF, the international body that checks countries' finances, said in a June 2026 review that Brazilian households spend a high and rising share of income on repaying debts.
Most of the growth came from credit cards and unsecured personal loans, much of it through app-based and digital banks.
It worked out that capping new 2025 loans at repayments of 40% of income would have cut the average share by 5 points, leaving mortgages aside.
Why it matters
The same cap would have cut household borrowing by about 5.6%.
Why it matters
The IMF also asked Brazil to limit how often loans repaid straight from wages can be rolled over into new ones.
Who pays
Brazilian households with card and personal loans
The IMF says a high and rising share of their income goes on repayments.
The full story
IMF urges Brazil to cap loan repayments
The IMF, the international body that checks countries' finances, said in a June 2026 review that Brazilian households spend a high and rising share of income on repaying debts.
Why it matters. The same cap would have cut household borrowing by about 5.6%.
Refund checks sent to student borrowers
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The Consumer Financial Protection Bureau (CFPB), the US agency that polices lenders, says checks have been mailed to borrowers harmed by Performant Recovery, a student loan debt collector.
Under a CFPB order, Performant delayed help these borrowers were owed on defaulted federal student loans, which may have cost them money.
They can cash the check straight away and do not need to send anything.
Why it matters
Here nobody has to claim: the company pays the agency, and the agency sends the money to the people it harmed.
Good news
US borrowers harmed by Performant Recovery, a student loan debt collector, have been mailed refund checks that they can cash straight away without sending anything back.
2 sources
Refund checks sent to student borrowers
The full story
Refund checks sent to student borrowers
The Consumer Financial Protection Bureau (CFPB), the US agency that polices lenders, says checks have been mailed to borrowers harmed by Performant Recovery, a student loan debt collector.
Why it matters. Here nobody has to claim: the company pays the agency, and the agency sends the money to the people it harmed.
Data leak settlement offers $50 or losses
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Docketwise, a US company whose services other firms use, has settled a lawsuit over a break-in around October 2025.
Criminals got the login details for a store of files run by one of its partners, and may have taken personal details.
Each person can claim up to $5,000 of documented losses, or a flat $50, plus two years of credit monitoring.
Why it matters
Docketwise pays the running costs and the lawyers' fees separately, and each claim is a set amount.
1 source
Data leak settlement offers $50 or losses
The full story
Data leak settlement offers $50 or losses
Docketwise, a US company whose services other firms use, has settled a lawsuit over a break-in around October 2025.
Why it matters. Docketwise pays the running costs and the lawyers' fees separately, and each claim is a set amount.
Costco email case nears its final hearing
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Costco, the US warehouse club, agreed to pay $14m to settle a lawsuit over promotional emails sent to customers in Washington state, Kiplinger reported in July.
The emails had subject lines like "Hot Buys available for 5 Days Only" for offers the suit says Costco knew it would extend.
A final hearing is set for 2 October.
Why it matters
Washington's email law allows up to $500 per misleading email.
How it works
Washington customers split one $14m fund instead of getting the $500 per email the state's law allows.
The idea, in story 2: Each share of a settlement shrinks as more buyers claim →1 source
Costco email case nears its final hearing
The full story
Costco email case nears its final hearing
Costco, the US warehouse club, agreed to pay $14m to settle a lawsuit over promotional emails sent to customers in Washington state, Kiplinger reported in July.
Why it matters. Washington's email law allows up to $500 per misleading email.
US banks get ten days to check missing money
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Under US rules, once a customer reports a payment they did not make, their bank or credit union generally has ten business days to look into it, the CFPB says.
If it finds an error, it must correct it within one business day.
For a lost or stolen debit card reported within two business days, the customer owes at most $50 of what was taken.
Why it matters
The sooner a loss is reported, the less of it the customer can be made to pay.
1 source
US banks get ten days to check missing money
The full story
US banks get ten days to check missing money
Under US rules, once a customer reports a payment they did not make, their bank or credit union generally has ten business days to look into it, the CFPB says.
Why it matters. The sooner a loss is reported, the less of it the customer can be made to pay.
That's the whole Money day.
11 stories, 22 sources.