American Express to pay $230 million to settle allegations of fraudulent marketing practices.

• The Department of Justice has settled allegations of deceptive marketing by American Express for approximately $230 million.
• The banking giant signed a non-prosecution agreement with New York federal prosecutors.
• The Department of Justice's Civil Division accused Amex of deceiving small businesses with its credit card marketing, among other allegations, which Amex resolved.

The company will pay approximately $230 million to settle allegations of deceptive marketing and resolve a federal criminal wire fraud investigation, it said Thursday.

American Express has agreed to pay more than $138 million as part of a non-prosecution agreement with federal prosecutors in Brooklyn, New York, over allegations that the company provided customers with "inaccurate tax advice" for two wire products.

The Department of Justice's Civil Division has accused the banking giant of deceiving small businesses with its credit card marketing, among other allegations, and the bank has agreed to pay $108.7 million to settle the claims.

American Express announced that it will pay approximately $230 million to resolve the issues in accordance with the agreements.

Recent agreements by large companies such as Mastercard and Block have led to the payment of a substantial settlement amount for claims from prosecutors or regulators.

This is developing news. Please check back for updates.