American Express Faces $410 Million Settlement Over Deceptive Marketing Practices
New Zealand Herald•2 months ago•
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American Express Faces $410 Million Settlement Over Deceptive Marketing Practices

Industry Insights
americanexpress
marketing
legalissues
smallbusiness
financialservices
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Summary:

  • American Express to pay $410 million to resolve allegations of deceptive marketing.

  • Department of Justice investigates false claims made to small businesses from 2018-2021.

  • Misleading assertions regarding tax benefits of certain credit card and wire transfer products.

American Express will pay approximately $230 million (around $410 million NZD) to settle a US federal investigation regarding allegations of deceptive marketing practices aimed at small businesses.

Allegations and Investigation

The Department of Justice (DoJ) highlighted that the deceptive practices occurred between 2018 and 2021. The company allegedly misled small business customers by making false claims about its Payroll Rewards and Premium Wire products, suggesting they offered specific tax benefits.

American Express has stated that it fully cooperated with the authorities throughout the investigation, emphasizing its commitment to ethical marketing practices.

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