Amex to refund $85 million to cardholders

By Dave Siff

updated 3:32 PM EDT, Mon October 01, 2012

NEED TO KNOW

Government accused American Express of deceptive practices
Around 250,000 customers will get money back

Amex to refund $85 million to cardholders

If you've got an American Express card, there could be some money coming your way.

American Express is paying $112.5 million to settle federal charges that the company and its subsidiaries engaged in deceptive practices. The settlement includes $85 million in refunds to be split among 250,000 customers, and $27.5 million in fines.

The investigation by the Consumer Financial Protection Bureau and other agencies found ten years' worth of violations, including illegal late fees, promises of rewards that never materialized, and age discrimination against new applicants.

In a statement, American Express said it cooperated fully with the investigation and has developed plans to deal with each violation.

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