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American Express settles mutual fund abuses

American Express Financial Advisors will pay $7.4m (€6.1m) to resolve allegations by US securities regulators that it steered clients into the company's own underperforming mutual funds instead of better-performing products elsewhere.

Securities regulators in New Hampshire alleged in a statement that American Express routinely sold plans stacked with its own funds, or funds from partners, and did not adequately disclose the conflict to customers.

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