Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Thursday, January 4th. I'm Julie Morgan.

Apple has reportedly settled a lawsuit involving its gift cards and scammers.

Tik-Tok is aiming for A to Z and CVS drops Humera.

Apple has agreed to settle a lawsuit which alleged that the company knowingly let scammers

exploit its gift cards and keep the stolen funds for itself.

According to a Reuters report both sides agreed on material settlement terms after working with

a mediator.

The issue had to do with bad actors who insisted that victims buy App Store and iTunes gift cards to pay for things like taxes, hospital and utility bills, and bell and debt collection.

Victims were then told to share the codes on the back of the cards

in spite of a warning sign on the cards that say, do not share your code with anyone you do not

know. According to the complaint, Apple would typically deposit about 70% of the stolen funds into the

scammers bank accounts and keep about 30% for itself as a commission for knowingly converting stolen codes into dollars.

The complaint says that the victims lost hundreds of millions of dollars in the fraud.

The lawsuit covered anyone in the U.S. who bought gift cards redeemable on iTunes or the App Store between 2015 and July 31st of 2020 and provided codes to the scammers and did not receive refunds from Apple.

A draft for a formal settlement is being prepared to be presented for preliminary approval.

In June of 2022, a judge denied Apple's efforts to dismiss the lawsuit.

Bight Dance's Tik-Tock is aiming for 10 times the merchandise volume of its U.S.

e-commerce business to as much as $17.5 billion in 2024.

Bloomberg is reporting that Tik-Tok is looking to take a piece of a market that is currently

dominated by Amazon. The majority of

Tik-Tok's revenues come from Southeast Asia. The firm is currently looking to

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