CORPAY INC
CPAY
Information Technology
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
The FTC's 2023 stipulated order found that Corpay (then Fleetcor) systematically misrepresented its fuel card products to small business customers, advertising "no hidden fees" and guaranteed fuel savings that did not materialize. The FTC characterized the marketing as having "shrouded" hundreds of millions in undisclosed fees.
Atlanta Journal-Constitution investigations confirmed that "no fee" marketing was used to lure small trucking fleets into contracts with fee structures that contradicted the advertised terms. FreightWaves reporting documented how the gap between marketing claims and contractual reality constituted a systematic misinformation campaign targeting an unsophisticated customer base — independent owner-operators and small fleet owners.
Permanent federal injunction (March 2024 / January 2026 appeal) following an FTC enforcement action for deceptive advertising and charging hundreds of millions in unauthorized hidden fees on fuel cards. The FTC estimated consumer damages at approximately $533 million.
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.