American Express class action investor lawsuit

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
4 posts
User avatar
Cucumber
Centurion Member
Centurion Member
 
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

American Express class action investor lawsuit

Postby Cucumber » Sat Feb 21, 2009 2:52 am

There is an American Express investor class action lawsuit that was filed on Feb 20th for shareholders in Amex stock (symbol AXP) claiming that the company was careless in giving out credit. :eek: Now get this here's the craziest part and that is the lawsuit is suing claiming that American Express's decision to give credit to riskier cardholders is what caused their stock to go down almost 70% since '07. Yea I'm sure AXP stock would be flying high right now :rolleyes:

The law firm is in Los Angeles and I've never heard of it. I can't believe they think a suit like this would actually have a chance. I wonder if the law firm is only doing it for publicity or if they actually think they have a real shot at collecting a settlement from Amex? I mean if it were that easy and the reason so clear cut than wouldn't like every financial company and business out there be getting hit up right now with an investor class action lawsuit????

They say to join the lawsuit you have to be invested in American Express from March '07 to Nov '08.... anytime during then. I'm not going to list the law firm here because I don't want to give them publicity but I went to their site and yea what a joke all they do it looks like is file frivolous class action lawsuits against any company they can possibly think of. I think that's even worse than an ambulance chaser :ppp They actually think they are going to recover "investor losses" from American Express with this lawsuit. You know if it were that easy I think everyone be suing everyone right now for having losses in their home value, loss in their investments or anything else right now.

American Express stock is at $12 and change today I guess all of us on credit card forum were correct about the stock getting cheaper than what it was the last few weeks!!
OBAMA
Stop talking crap about him!


User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Sat Feb 21, 2009 7:01 pm

I predict this investor class action suit against American Express will be tossed out rather quickly.

I do not believe any law firm would do this for publicity for two reasons:
  1. A failed lawsuit would not benefit the firm's image or reputation
  2. This is a labor and time intensive process; there would be no reason to devote resources to it.

This leaves us to conclude they must believe the case has merit.

User avatar
The Fuzz
Platinum Member
Platinum Member
 
Posts: 68
Joined: Mon Oct 06, 2008 2:50 pm
Location: ..right behind you!

Postby The Fuzz » Sat Feb 21, 2009 11:45 pm

Shoot.... Every vested employee at American Express should sign up then. ;) I wonder if they would fire me if I did that... My 401K is worthless right now. In fact, they just announced that the company would no longer be matching our contributions at any amount starting in a few weeks, so I'm wondering if it is even worth it to continue contributing myself right now...

User avatar
The Fuzz
Platinum Member
Platinum Member
 
Posts: 68
Joined: Mon Oct 06, 2008 2:50 pm
Location: ..right behind you!

Postby The Fuzz » Sat Feb 21, 2009 11:47 pm




Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests