U.S. Department of Justice Financial Fraud Update

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American Express Agrees to Pay $108.7M to Settle Allegations of Deceptive Marketing and "Dummy" Account Information

01/16/2025 07:00 AM EST

The American Express Company (American Express), based in New York, New York, has agreed to pay a $108.7 million civil penalty to resolve allegations that it violated the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) 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.

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