American Express Expects Settlement
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.