Oct. 1, 2012, 11:32 a.m. EDT
Regulators: AmEx deceived customers with ‘Blue Sky” credit cards
By Ronald D. Orol, MarketWatch
WASHINGTON (MarketWatch) — American Express Co. and three of its units agreed to pay a fine of $27.5 million and refund roughly $85 million to about 250,000 customers for allegedly illegal card practices, according to a settlement announced Monday by bank regulators and the Consumer Financial Protection Bureau.
“Several American Express companies violated consumer protection laws and those laws were violated at all stages of the game – from the moment a consumer shopped for a card to the moment the consumer got a phone call about long overdue debt,” said Richard Cordray, director of the consumer bureau, in a statement. read more
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