Zamansky LLC Investigates American Express Co. (AmEx) for Small Business Cardholders With Foreign-Currency Transactions

The law firm is investigating a potential class action on behalf of AmEx cardholders who are small or mid-sized business which were allegedly over-charged on foreign currency transactions.  If you are a small or mid-sized business owner recruited by AmEx, you may be a victim of alleged over-charges on foreign transactions. On September 5, 2018, the Wall Street Journal reported that the Federal Bureau of Investigation (FBI) is probing American Express Co. (AmEx) over alleged its pricing of foreign currency exchange rates to its small and mid-sized business cardholders. Citing current and former employees, the Wall Street Journal reported that AmEx sales representatives would approach potential small and mid-sized businesses with an offer to beat the prices they were paying banks or other financial institutions to convert currency and send money abroad.  The AmEx representatives did not inform customers that the margin, a markup that AmEx adds to the base currency…

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