Skip to Content

Get Your FREE Consultation

Blog

American Express Ordered to Refund $59.5 Million to Consumers

January 27, 2014

In late December 2013, the Consumer Financial Protection Bureau (CFPB) ordered American Express to refund an estimated $59.5 million to 335,000 consumers for illegal credit card practices. The practices included unfair billing tactics and deceptive marketing with respect to credit card add-on products such as payment protection and credit monitoring. American Express must also pay an additional $9.6 million in civil penalties to the CFPB.

The CFPB discovered that American Express engaged in misleading marketing with respect to add-on products. Specifically, American Express misled consumers about the benefits of payment protection products, the length of coverage for payment protection products, and fees associated with payment protection products. Additionally, American Express engaged in unfair billing practices with its identity protection add-on products. The CFPB found that American Express billed consumers for services they did not receive, unfairly charged consumers for interest and fees, and failed to inform consumers about their right to a free credit report annually.

Under Consent Orders entered with CFPB, American Express agreed to stop deceptive marketing, end unfair billing practices, pay restitution of approximately $59.5 million to more than 335,000 consumers who purchased the add-on products, pay a $9.6 million penalty to the CFPB, and provide refunds or credits without any further action by consumers. The Consent Orders are available for download at the Consumer Financial Protection Bureau website.

TALK TO US NOW
FOR FREE
No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“Thank you so much for everything that you did for Gene and I in our lawsuit and trial. We appreciate all of the hard work, long hours and care that was shown to us. All of you are such special people to us. We are so fortunate to have been represented by the five of you. I hope that you got the chance to get some well deserved rest and sleep.  Thanks again for everything. Sincerely…”

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
TALK TO US NOW
FOR FREE
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.