American Express (AXP) agrees to pay $112.5M to end a federal investigation which uncovered...

American Express (AXP) agrees to pay $112.5M to end a federal investigation which uncovered practices such as charging unlawful late fees, and misleading clients about debt collection. The company says it has previously reserved for a "substantial portion" of the fines and refunds.

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Comments (3)
  • Clayton Rulli
    , contributor
    Comments (3433) | Send Message
    1 Oct 2012, 12:13 PM Reply Like
  • markb
    , contributor
    Comments (587) | Send Message
    AXP is generally a pretty clean operator. This sounds like the government again shaking down deep pockets in the financial services industry for some supplemental "revenue".
    1 Oct 2012, 01:25 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    Can't agree. AXP was one of the worst offenders. Had a relative fight with AXP over fraudulent charges on their account that AXP promised multiple times to get corrected and in the final analysis they did not. They finally had to tell AXP to stuff it and refused to pay for the fraudulent charges despite the negative credit hit.
    2 Oct 2012, 12:08 AM Reply Like
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