AMERICAN EXPRESS CO
AXP
Financials
4
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
In August 2022, Brian Netzel, a former American Express client manager with over 10 years at the company, filed a class action in the U.S. District Court for the District of Arizona (Case No. 2:2022cv01423) alleging race discrimination, racial harassment, retaliation, and constructive discharge under Title VII. Netzel and subsequent plaintiffs allege American Express implemented policies to hire and maintain a percentage of Black employees comparable to the U.S. population and incentivized executives to decrease the percentage of white employees in their departments. Three additional plaintiffs joined the class action alleging that American Express subjected white employees to racially discriminatory policies that fostered a hostile work environment. The court granted American Express's motion to compel arbitration, and the case is stayed pending arbitration. Separately, a Business Insider investigation documented that senior managers at American Income Life — an American Express subsidiary — exchanged racist, sexist, and transphobic text messages between 2014 and 2019.
January 2025 DOJ settlement: $138.4M criminal NPA (wire fraud) + $108.7M civil FIRREA penalty for deceptive marketing of Payroll Rewards and Premium Wire products to small businesses 2018–2021; false tax advice and dummy EIN accounts. Non-Prosecution Agreement with USAO-EDNY.
CFPB ordered American Express subsidiaries (2012) to refund $85M to ~250,000 consumers and pay $27.5M in civil penalties for illegal credit card practices spanning the full customer lifecycle: deceptive marketing of enrollment bonuses, unlawful late fees, age-based discrimination in credit decisions, and failure to report consumer disputes to credit bureaus. Penalties split across CFPB ($14.1M), FDIC ($3.9M), Federal Reserve ($9M), and OCC ($0.5M).
American Express agreed to pay $96 million to resolve allegations it violated the Foreign Corrupt Practices Act by failing to implement adequate internal controls to prevent and detect improper payments by its employees in India and Indonesia.
Research Sources
6 organizations
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.