American Express will pay approximately $230 million to resolve federal investigations into allegations of wire fraud and deceptive marketing practices. The settlement includes a non-prosecution agreement with the U.S. Attorney’s Office in Brooklyn over claims that American Express provided inaccurate tax advice for wire products. The company will also pay nearly $100 million to resolve civil claims from the Department of Justice, including allegations of deceptive marketing of credit cards to small businesses. The company has denied some allegations and admitted no liability in the DOJ settlement.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02American Express will pay approximately $230 million to resolve federal investigations
00:07into allegations of wire fraud and deceptive marketing practices.
00:11The settlement includes a non-prosecution agreement with the U.S. Attorney's Office
00:15in Brooklyn over claims that American Express provided inaccurate tax advice for wire products.
00:20The company will also pay nearly $100 million to resolve civil claims from the Department of
00:25Justice, including allegations of deceptive marketing of credit cards to small businesses.
00:30The company has denied some allegations and admitted no liability in the DOJ settlement.