AmEx To Pay $112.5M For Pervasive Deceptive Practices

Law360, New York (October 1, 2012, 1:24 PM EDT) -- Federal banking regulators hit American Express Co. on Monday with a $112.5 million penalty for violations “at every stage” of its operations ranging from deceptive credit card marketing to misleading debt collection practices.

The penalties — leveled by the U.S. Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Reserve Board and the Office of the Comptroller of the Currency —  will see American Express refund $85 million to approximately 250,000 customers and pay $27.5 million in fines to the four regulators. The agencies...
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