American Express to pay $75.7M settlement

American Express to pay $75.7M settlement

 

AP: American Express has agreed to pay at least $75.7 million to end an investigation by regulators into some discontinued card products.

The Federal Deposit Insurance Corporation said Tuesday that American Express led consumers to believe that an account protection product would work for up to two years when the benefits usually lasted no more than three months, and it didn’t properly explain the enrollment process for a product intended to protect against identity theft. It says most consumers didn’t complete the enrollment process but were billed anyway.

 

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