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Amex agrees to $108.7 million settlement with US DOJ over deceptive marketing

( January 16, 2025, 19:09 GMT | Official Statement) -- MLex Summary: American Express agreed to pay a $108.7 million civil penalty to resolve allegations it violated the Financial Institutions Reform, Recovery and Enforcement Act by deceptively marketing credit card and wire transfer products and by entering “dummy” employer identification numbers in the credit card accounts of its affiliate bank, the US Department of Justice announced. Along with the civil resolution, Amex will enter into a non-prosecution agreement with the Attorney’s Office for the Eastern District of New York and pay a criminal fine and forfeiture. Under the terms of the agreement, Amex will receive a credit toward the satisfaction of the civil penalty in the amount of $30.35 million if it makes a full payment of the forfeiture and fine amounts due under the criminal resolution.Statement follows in full. Also see attached file. ...

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