AmEx Slammed With Charges and 4 Hot Dow Movers Buzzing Today
Alcoa, Inc. (NYSE:AA): Companies will soon begin to report their Q3 profits, as Alcoa Inc. unofficially kicks off the earnings season on October 9.
Bank of America (NYSE:BAC) has stated that investors and experts have begun to disperse from big banks to work with asset managers along with other financial companies under reduced restraints regarding risk-taking, according to The Financial Times.
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JPMorgan Chase (NYSE:JPM) is now facing a lawsuit filed by New York Attorney General Eric Schneiderman in what looks like a las attempt by U.S. regulators forcing it to pay for its role in fueling the housing bubble that caused 2008;s recession. The lawsuit, which is the first on by the Residential Mortgage-Backed Securities Working Group, targets the bank’s Bear Sterns unit for decieving investors into buying mortgage-backed securities with a value of billions in 2006 and 2007 as it was fully aware that the underlying mortgages would probably default.
UnitedHealthcare Group (NYSE:UNH): According to Hartford Hospital, the rate of increases it is requesting from UnitedHealth Group is “not even close” to the 30 percent that the insurer claims that the hospital is asking for over the course of three years. “That is factually wrong — not even close,” Hartford Hospital spokeswoman Rebecca Stewart stated on Wednesday. The hospital wants a raise to its reimbursement rates that are slightly higher than the medical inflation rate of 5.9 percent. However, the hospital refused to disclose the percentage increase in rates it is asking for each year, other than Stewart stating that it is “around 6 percent.”
American Express Company (NYSE:AXP) is facing charges by U.S. regulators with a worth of about $112.5 million due to a legal settlement that found the company guilty of charging undue fines for late payments on cards since 2003. Additionally, the company has been held for breaching its practices regarding billing, marketing, and credit card debt collection. The company also falsely told the customers that debt would be completely removed with the payment of a partial debt, but the consumers’ debt on the AmEx credit cards still rose and the company denied new cards to these customers.
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