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.
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
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
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!!