American Express to pay penalty

American Express Co., the biggest credit-card issuer by purchases, will pay $112.5 million to settle claims it violated consumer safeguards from marketing to collections in products sold to about 250,000 customers.

“Several American Express companies violated consumer protection laws and those laws were violated at all stages of the game — from the moment a consumer shopped for a card to the moment the consumer got a phone call about long-overdue debt,” Consumer Financial Protection Bureau Director Richard Cordray said Monday in a statement announcing the settlement.

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