American Express says it will pay about $230 million to settle US criminal and civil probes into alleged deceptive practices in selling credit card and wire transfer products to small business customers.
The credit card and travel services company agreed to pay $138.4 million, including about $108 million in fines, and enter a non-prosecution agreement to end criminal and civil probes by the US Department of Justice.
Amex said it also reached a separate agreement in principle with the Federal Reserve that should become final in the coming weeks.
The New York-based company said it cooperated extensively with investigators, discontinued some products, disciplined staff, and upgraded compliance and training.
Amex also said the problems identified by investigators ended no later than 2021, and the payout does not affect its 2024 earnings forecast.
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