American Express (NYSE:AXP) has announced a large scale reimbursement program for customers.
American Express To Refund $85m
American Express (NYSE:AXP) announced that it will reimburse $85 million to about 250,000 customers to resolve accusations that the company violated federal law in its marketing, billing and debt collection practices.
A federal investigation found that at various periods between 2003 and spring 2012 American Express had violated consumer protection laws “at every stage” of the consumer experience.
In an official statement, American Express (NYSE:AXP) said that, “American Express (NYSE:AXP) is continuing its own internal reviews and is also cooperating with regulators in their ongoing regulatory examination of add-on products in accordance with an industrywide review”.
American Express Co. (NYSE:AXP) shares were at 56.98 at the end of the last day’s trading. There’s been a -2.2% change in the stock price over the past 3 months.