American Express Interest Rate Class Action Settlement Checks Mailed

Top Class Actions viewers are starting to receive checks in the mail from a class action settlement that accused American Express FSB and American Express Centurion Bank of imposing a variable interest rate to credit card customers who were expecting a fixed interest rate.

According to comments and posts on the Top Class Actions Facebook page, Class Members who filed valid claims for the American Express interest rate class action settlement began receiving checks worth as much as $117.33 on Aug. 7, 2017.

If you filed a claim for the American Express settlement, keep checking your mailbox because your payout should be on its way.

The class action settlement resolves allegations that certain American Express credit cardholders were charged a higher interest rate even after being promised a fixed rate. According to the plaintiffs who filed this AmEx class action, the credit card company did not inform customers that their rates could be changed in violation of the Truth in Lending Act.

Class Members included all U.S. customers with a consumer or small-business American Express credit card that “[h]ad a fixed annual percentage rate for purchases on the account that was increased or changed to a variable rate at any time between October 1, 2005 and December 31, 2010; or [h]ad a fixed annual percentage rate for purchases on the account and were provided notice of an increase in the fixed rate or a change from the fixed rate to a variable rate at any time between October 1, 2005 and December 31, 2010.”

American Express denied the allegations but agreed to pay $6 million to avoid the ongoing cost and risk of litigation.

The deadline to file a claim for the American Express class action settlement passed on Aug. 30, 2016.

Congratulations to our Top Class Actions readers who submitted a valid claim and got PAID! If you missed out, sign up for our free newsletter to receive updates on new class action lawsuits and settlements. You can also check out which class action settlements are still accepting claims in our Open Class Action Settlements section.

The Class is represented by Marc R. Stanley of Stanley Law Group and Michael D. Braun of Braun Law Group PC.

The American Express Interest Rate Class Action Settlement is Alfredo M. Lopez, et al. v. American Express Bank FSB, et al., Case No. 2:09-cv-07335-SJO-MAN, in the U.S. District Court for the Central District of California, Western Division.