American Express to pay ~$230M to resolve DOJ, Fed probes into small-business sales practices

AMERICAN EXPRESS CO

Payments of ~$230M to resolve DOJ and Federal Reserve investigations into historical sales practices for certain U.S. small business customers.
Company says costs largely reserved in prior periods; does not impact 2024 guidance previously provided.
Agreement in principle with Fed staff; formal resolution expected in coming weeks.
Company discontinued certain products by 2021 or earlier and took disciplinary, organizational, and compliance actions.

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