News Summary: Amex paying $112.5M in settlements
Published: October 1, 2012
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AMEX PAYING REFUNDS, FINES: American Express is paying $112.5 million in refunds and fines to settle regulators' accusations that it charged illegal late fees and deceived customers to pressure them to pay off old debts or buy extra credit card services.
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DECEPTIVE PRACTICES: Four federal agencies and Utah regulators reached settlements with the company. Among other things, the agencies said Amex used false statements to get customers to settle long-held debt.
COMPANY ACTIONS: Amex is refunding $85 million to about 250,000 customers and paying $27.5 million in civil fines. The company says it also has put together plans to correct the violations cited by the regulators.
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