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American Express The company said Thursday it will pay about $230 million to resolve a federal criminal wire fraud investigation and settle deceptive marketing charges.
The total includes more than $138 million as part of a non-prosecution agreement with federal prosecutors in Brooklyn, New York, related to allegations that American Express provided “inaccurate tax advice” to customers on two wire products.
Separately, the banking giant will pay $108.7 million to settle Civil Division of the Ministry of Justice Among other charges, the company deceptively marketed credit cards to small businesses.
American Express in a statement “When consolidated under the agreement, American Express will pay a total of approximately US$230 million to resolve these issues,” it said.
The massive settlement follows recent agreements with other major companies, including MasterCard and cloggedto resolve claims from prosecutors or regulators.
This is developing news. Please check back for updates.
