Amazon will pay $2.5 billion in fines and reimbursements to Prime subscribers to settle the FTC's allegations that it deceived its customers to generate subscriptions, the agency said.
While a win for consumers and the FTC, the settlement is relatively painless for Amazon: the company takes in around $2.5 billion in sales every 33 hours. Shares of Amazon were nearly unchanged after the news.
Around 35 million Prime customers will be eligible for payout from a $1.5 billion fund, the FTC said. Amazon will pay $1 billion in fines to the FTC. The company did not admit wrongdoing as part of the settlement. Amazon said in a statement that the deal allows it to move forward and focus on customers.
The settlement is the second-largest restitution amount ever for an FTC action, agency officials said, and represents a major win for the FTC's tough-on-tech agenda, which began during the first Trump administration. The FTC announced the settlement days into a trial in Seattle federal court, where the agency argued to a jury that Amazon sought to enroll members whether or not they wanted the service.
Read more from Jody Godoy and Greg Bensinger.
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