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Thursday May 20, 04:44
American Express faces NASD action in mutual fund probe

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American Express (AXP) said it may face action from NASD for allegedly violating securities laws by not disclosing certain revenue-sharing arrangements with mutual fund clients, according to a regulatory filing Wednesday. The NASD alleges the company failed to disclose the agreements between January 2001 and May 2003, the firm said. American Express said the action is "in the context of a broader industry-wide review of the mutual fund and brokerage industries that is being conducted by various regulators." Shares fell 9 cents to $48.90 in afternoon trading.

(CBSMarketWatch.com)
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