The law firm is investigating a potential class action on behalf of AmEx cardholders who are small or mid-sized business which were allegedly over-charged on foreign currency transactions. If you are a small or mid-sized business owner recruited by AmEx, you may be a victim of alleged over-charges on foreign transactions.
On September 5, 2018, the Wall Street Journal reported that the Federal Bureau of Investigation (FBI) is probing American Express Co. (AmEx) over alleged its pricing of foreign currency exchange rates to its small and mid-sized business cardholders.
Citing current and former employees, the Wall Street Journal reported that AmEx sales representatives would approach potential small and mid-sized businesses with an offer to beat the prices they were paying banks or other financial institutions to convert currency and send money abroad. The AmEx representatives did not inform customers that the margin, a markup that AmEx adds to the base currency exchange rate, was subject to increase without notice, the Journal reported.
AmEx would later increase the margin without telling customers to boost revenues and employee commissions, the Journal stated. The practice occurred until early this year and dated back to at least 2004, current and former employees told the Journal.
If you are an existing or former AmEx cardholder who is a small or mid-sized business with foreign transactions, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.