American Express to Pay $75.7 Million for Unfair Marketing
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American Express Co. has agreed to pay $75.7 million to settle claims from U.S. financial regulators that it used deceptive marketing practices to sell protection services to credit-card customers.
The company must pay $59.5 million in restitution to more than 335,000 harmed customers, according to the deals announced today by the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. The biggest credit-card issuer by customer purchases violated the law when it misrepresented the costs and benefits of its add-on products, the agencies said.