September 5, 2018 / 9:29 PM / 17 days ago

AmEx's forex unit being probed by FBI over pricing practices: WSJ

(Reuters) - Pricing practices within American Express Co’s (AXP.N) foreign-exchange unit is being probed by the Federal Bureau of Investigation (FBI), the Wall Street Journal reported, citing people familiar with the matter.

The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson/File Photo

The investigation is in its early stages and is focused on whether the foreign-exchange international payments department misrepresented pricing to clients in order to win their business, the Journal reported.

The FBI said it could not confirm the investigation, according to an agency spokeswoman.

The Department of Justice (DOJ) did not immediately respond to requests for comment.

Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber

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