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American Express has agreed to pay at least $75.7 million to end an investigation by regulators into some discontinued card products.The Federal Deposit Insurance Corporation said Tuesday that American Express led consumers to believe that an account protection product would work for up to two years when the benefits usually lasted no more than three months, and it didn’t properly explain the enrollment process for a product intended to protect against identity theft. It says most consumers didn’t complete the enrollment process but were billed anyway.
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FILE – In this Jan. 20, 2010 file photo, American Express cards are posed for a photograph in Phoenix. American Express on Wednesday, Jan. 19, 2011 said it expects to report a sharply higher fourth-quarter profit, although it will be reduced by charges from newly disclosed plans to close a customer service center in North Carolina…
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