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The Wall Street Journal: FBI probing if American Express misrepresented foreign-exchange pricing

The Federal Bureau of Investigation has introduced a probe into pricing practices inside of American Express Co.’s foreign-exchange unit, according to other people conversant in the subject.

The investigation, which is being run out of the FBI’s Washington field place of work, is in its early phases and is considering whether the foreign-exchange global bills division misrepresented pricing to purchasers in order to win their trade, the folks said.

The FBI began its investigation in August, the folks said, after The Wall Street Journal, bringing up current and previous employees, reported that AmEx’s foreign-exchange unit had recruited trade purchasers with gives of low currency-conversion rates prior to raising costs with out warning.

An AmEx AXP, -1.24%   spokeswoman declined to remark at the FBI investigation. In July, Amex said it took the allegations very critically and would behavior a assessment. The unit’s employees have been advised to steer clear of deleting emails, other people conversant in the instructions said. The FBI is in the fact-gathering level of the investigation, the folks conversant in the subject said. The bureau is speaking with AmEx and is waiting for the company to answer an inventory of questions, they said.

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