Corpay, Inc. (NYSE: CPAY) today announced that it has reached a proposed settlement with the Federal Trade Commission (FTC) to resolve previously disclosed allegations relating to marketing and disclosure practices in its U.S. Vehicle Payments business.

Under the proposed settlement, Corpay will pay $100 million to the FTC. CEO Ron Clark is not subject to any financial payment as part of this settlement. The proposed settlement will resolve the FTC matter without any admission of wrongdoing. The June 8, 2023 Order entered in this matter by the United States District Court for the Northern District of Georgia remains in place.

"We are pleased to resolve this matter and move forward," said Ron Clarke, Chairman and CEO of Corpay. "Corpay is committed to transparent customer disclosures, consent-based practices, and strong compliance controls across our U.S. Vehicle Payments business."

Corpay has taken steps over the past several years to enhance customer communications, compliance oversight, and internal controls, including actions implemented before and after the June 8, 2023 Order.

The company does not expect the proposed settlement to have a material impact on its ongoing operations or financial results.

The proposed settlement remains subject to final FTC approval following a public comment period. Corpay will continue to cooperate with the FTC as the matter is finalized.