Industry Insights
American Express Faces $410 Million Settlement Over Deceptive Marketing Practices
New Zealand Herald1 min read88 views
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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- #smallbusiness
- #financialservices
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