AmEx Declines on Report of Federal Probe Into Sales Practices
(Bloomberg) -- American Express Co. shares fell on a report that federal investigators are probing the company’s business-card sales practices.
The inspectors general offices of the U.S. Treasury Department, Federal Deposit Insurance Corp. and Federal Reserve are investigating whether American Express used aggressive and misleading tactics to sell cards to business owners, the Wall Street Journal reported Thursday, citing people familiar with the matter.
American Express dropped 4.1% to $118.07 at 12:34 p.m. in New York.
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