AmEx Investor Suit Over Lending Standards Tossed

Law360, New York (July 21, 2010, 3:24 PM EDT) -- A federal judge has thrown out a putative class action against American Express Co. that accused its executives of concealing changes in its credit card issuing standards as the company's stock price dropped.

Judge William Pauley of the U.S. District Court for the Southern District of New York ruled Monday that the plaintiff investors, led by a union pension fund, failed to show that the credit card giant's CEO and chief financial officer had committed securities fraud, saying their motives did not extend beyond a desire...
To view the full article, register now.