American Express (Amex) will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.
In the settlement entered into Thursday with the Department of Justice, Amex allegedly misled its banking partner when it allowed numerous small businesses to obtain credit cards with dummy employer identification numbers (EINs) from 2014-17, according to a DOJ press release.
