BUZZ-Corpay to pay $100 million to settle Federal Trade Commission probe into its marketing practices; shares fall

September 18 - ** Commercial payment platform Corpay (CPAY.N) shares fell 1.4% to $398.70

** The company will pay $100 million to settle a U.S. Federal Trade Commission (FTC) investigation into marketing and disclosure issues in its U.S. automotive payment business

** CEO Ron Clarke is not required to pay any amount under the settlement agreement

** The proposed settlement aims to resolve the FTC probe without any admission of wrongdoing

** The settlement agreement still requires final approval from the U.S. Federal Trade Commission

** Of 18 brokerages, 15 rate the stock as “buy” or higher and 3 recommend “hold”; the median price target is $455 — data compiled by LSEG

** Including intraday moves, the stock is up 32.73% so far this year

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