American Express Agreed to Pay $108.7 Million Over Deceptive Marketing and Dummy Account Information
Company: American Express Company
Summary
In January 2025, American Express Company agreed to pay a $108.7 million civil penalty to resolve U.S. Department of Justice allegations involving deceptive sales practices and false account information. DOJ alleged that American Express deceptively marketed credit-card and wire-transfer products to small-business customers and entered false or “dummy” Employer Identification Numbers into credit-card accounts. The government said the practices violated the Financial Institutions Reform, Recovery and Enforcement Act. The civil settlement was part of a broader resolution involving related criminal conduct and required substantial financial penalties. Source: U.S. Department of Justice https://www.justice.gov/archives/opa/pr/american-express-agrees-pay-1087m-settle-allegations-deceptive-marketing-and-dummy-account