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American Express Expects Settlement

From Bloomberg News

American Express Co. expects to pay more than $15.9 million in a class-action lawsuit settlement over allegations it charged some card customers too much interest.

American Express said a judge will consider final approval of the settlement in April in U.S. District Court in California, according to the New York-based company’s 10-K filing with the Securities and Exchange Commission.

Customers in the lawsuit who didn’t receive notice about changed credit card terms between September 2001 and September 2002 will receive a refund.

Shares of American Express fell 75 cents to $34.43 on the NYSE.

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