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What will be the impact of the settlement on American Express's reputation by 2025?
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American Express to Pay $230 Million to Settle DOJ Allegations of Deceptive Marketing and Wire Fraud
Jan 16, 2025, 06:56 PM
American Express has agreed to pay approximately $230 million to resolve allegations of deceptive marketing and a federal criminal wire fraud investigation. The settlement includes more than $138 million as part of a non-prosecution agreement with federal prosecutors in Brooklyn, New York, related to claims that the company provided inaccurate tax advice for its wire products, Payroll Rewards and Premium Wire. Additionally, American Express will pay $108.7 million to settle claims by the Department of Justice's Civil Division that it deceptively marketed credit cards to small businesses. The company stated that it will pay the total amount to resolve these matters, following similar settlements by other large companies such as Mastercard.
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