Australian Court Fines AmEx $5.36 Million Over Credit Card Rule Breach
The Federal Court of Australia has fined a local unit of American Express (AmEx) A$8 million ($5.36 million) for breaching design and distribution rules for two of its co-branded credit cards. The court found that the company distributed these credit cards without appropriately determining the target market, as stated by the Australian corporate regulator.
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*FED FINES GREEN DOT $44 MILLION OVER MARKETING, RISK MANAGEMENT $GDOT
First Squawk FED SAYS GREEN DOT VIOLATED CONSUMER LAW IN SELLING PREPAID DEBIT CARDS AND TAX RETURN PREPARATION PAYMENT SERVICES FED SAYS GREEN DOT ALSO BLOCKED ACCESS TO LEGITIMATE ACCOUNTS RECEIVING UNEMPLOYMENT BENEFITS, LACKED POLICIES TO HELP ADDRESS THE ERRORS
Reuters LegalThe Federal Court of Australia fined a local unit of American Express A$8 million ($5.36 million) for breaching design and distribution rules. The court found that the company distributed two credit cards without appropriately determining the target market https://t.co/dsQSd7T44g https://t.co/YTxEAWXRwt
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