Jul 22, 2010
‘Hydra-Like’ Complaint Against American Express Draws Judge’s Scorn
After sifting through a plaintiff’s “hydra-like” complaint, a New York federal judge has dismissed a putative class action alleging that American Express and two executives made false and misleading statements to investors about the types of credit risk the company faced as it tried to expand its share of the credit card market beyond its traditional high-end clientele.