American Express reaches a settlement with U.S. regulators

12/25/2013 10:00 AM

12/25/2013 8:31 PM

Amex settlement

American Express has settled with U.S. regulators over the marketing of credit card add-on products. The lender will pay $59.5 million in restitution in a deal with the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau.

Upgrade costs

Americans spend $5.4 billion a year to upgrade their iPhones, says a study by, which tracks data from 20 trade-in companies. The average iPhone upgrade costs $151 every two years, about $21 more than the average smartphone upgrade.

Hyundai, Kia end dispute

Hyundai and Kia, affiliated South Korean automakers, have agreed to spend as much as $395 million to settle lawsuits brought by customers who said that the companies overstated fuel economy ratings. Hyundai’s U.S. unit said it will make payments totaling as much as $210 million to people who bought 2011 to 2013 model year vehicles affected by the ratings. Customers have the choice of a lump sum payment from Hyundai or remaining in a fuel reimbursement program for as long as they own their vehicle. Kia Motors said in a separate statement that its payments to owners of about 300,000 vehicles will total as much as $185 million.

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