Attorney General seeks restitution for affected subscribers
- NY Attorney General sues SiriusXM Radio over subscription and cancellation practices
- SiriusXM found to force subscribers to call or chat online to cancel
- Investigation reveals deliberate strategy to prevent cancellations
- Attorney General seeks full restitution for affected subscribers
- SiriusXM spokesperson denies allegations and vows to defend against them
New York Attorney General Letitia James has filed a lawsuit against SiriusXM Radio over its subscription and cancellation practices. The investigation conducted by the attorney general’s office found that the audio platform, part of Sirius XM Holdings, was forcing subscribers to go through a lengthy process involving calls or online chats with agents in order to cancel their subscriptions. This deliberate strategy was aimed at preventing subscribers from canceling. The attorney general’s office opened the investigation after receiving numerous complaints from consumers who were unable to cancel their subscriptions. Letitia James is seeking full restitution for all affected subscribers nationwide through the lawsuit. In addition to restitution, the attorney general is also seeking disgorgement, penalties, and costs, as well as a requirement for SiriusXM to implement a simpler and more user-friendly cancellation process. A spokesperson for SiriusXM has denied the allegations, stating that the company offers multiple options for customers to sign up for or cancel their subscriptions. The spokesperson also criticized the attorney general for issuing a press release before providing SiriusXM with a copy of the complaint. SiriusXM intends to vigorously defend against the allegations, which they consider to be baseless and a mischaracterization of their practices.
Public Companies: Sirius XM Holdings (SIRI)
Private Companies:
Key People: Letitia James (New York Attorney General)
Factuality Level: 8
Justification: The article provides information about a lawsuit filed by the New York Attorney General against SiriusXM Radio over its subscription and cancellation practices. It mentions that an investigation by the attorney general’s office found that SiriusXM forced subscribers to call or chat online with an agent to cancel a subscription, which was deliberately drawn out to prevent cancellations. The article also includes a statement from a SiriusXM spokesperson denying the allegations. Overall, the article provides factual information about the lawsuit and includes statements from both sides.
Noise Level: 8
Justification: The article provides information about a lawsuit filed by the New York Attorney General against SiriusXM Radio over its subscription and cancellation practices. It includes statements from both parties involved. However, the article lacks in-depth analysis, scientific rigor, and evidence to support the claims made by the attorney general. It also does not explore the consequences of these practices on subscribers or hold powerful people accountable. Overall, the article contains some relevant information but lacks depth and critical analysis.
Financial Relevance: Yes
Financial Markets Impacted: Sirius XM Holdings
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to a legal issue involving SiriusXM Radio’s subscription and cancellation practices. It does not describe an extreme event or any significant financial impact beyond the potential legal consequences for the company.
www.marketwatch.com 
