Amex refunding $1.6 million after foreign-exchange investigation

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American Express Co. is refunding some customers after an internal probe found salespeople misrepresented pricing.

The company is reimbursing 198 customers for a total of about $1.6 million, a spokesperson said. It also terminated 10 foreign-exchange employees and is retraining 28 others.

AmEx’s investigation into its foreign-exchange division’s pricing practices was prompted by a Wall Street Journal report last year that found the department recruited business clients by offering low currency-conversion rates and then routinely raised prices without notifying customers.

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