Reported about 9 hours ago
American Express has agreed to settle a federal investigation into its sales and marketing practices by paying over $138 million, following allegations of providing false tax advice to customers regarding wire products aimed at small and mid-size businesses. The investigation revealed misleading claims about the tax-deductibility of fees, resulting in the termination of approximately 200 employees in 2021. In total, the company will pay around $230 million to resolve the issue, including a criminal fine and a civil settlement.
Source: YAHOO