American Express to Refund $1.6 Million After Foreign-Exchange Pricing Probe | WSJ
American Express Co. AXP -0.65% is terminating foreign-exchange employees and refunding money to nearly 200 customers after it found salespeople misrepresented pricing to customers.
The company on Tuesday began mailing out reimbursements totaling about $1.6 million to forex customers, an AmEx spokeswoman said. It also terminated 10 employees in the foreign-exchange international payments department and is retraining 28 others, she said.
The moves are a result of a nearly yearlong internal investigation into the division’s pricing practices. AmEx launched its investigation after The Wall Street Journal reported that the company’s foreign-exchange unit had routinely increased currency-conversion rates without notifying customers in an effort to increase revenue.
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American Express to Refund $1.6 Million After Foreign-Exchange Pricing Probe – WSJ.
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