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american express The company announced Thursday that it will pay approximately $230 million to resolve a federal criminal wire fraud investigation and resolve deceptive marketing allegations.
The sum includes a tax as part of a non-prosecution agreement with federal prosecutors in Brooklyn, New York, related to allegations that American Express provided customers with “inaccurate tax advice” on two wire products. It includes more than $38 million.
Separately, the banking giant will pay $108.7 million to settle government claims. Department of Justice, Civil Affairs Bureau Among other allegations, the company is accused of deceptively selling credit cards to small businesses.
american express in a statement “Pursuant to the agreement, after credits, American Express will pay a total of approximately $230 million to resolve these matters.''
This large settlement follows recent agreements by other large companies, including: master card and blockto resolve claims from prosecutors or regulatory authorities.
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