According to a press release there is currently an investigation on behalf of participants in the American Express Retirement Savings Plan concerning potential violations of the Employee Retirement Income Security Act of 1974 (ERISA)

According to the press release the investigation by the law firm involves concerns that American Express (NYSE: AXP ) and other administrators of the American Express Retirement Savings Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the plan. A breach may have occurred if the fiduciaries failed to manage the assets of the American Express Retirement Savings Plan prudently and loyally by investing the assets in American Express (NYSE: AXP ) stock when it was no longer a prudent investment for participants retirement savings, so the investigation.

American Express Company has been accused of securities fraud. On Friday, February 20, 2009 an investor filed a proposed securities class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of American Express Company (NYSE: AXP), between March 1, 2007 and November 12, 2008, over alleged Federal Securities Laws violations by American Express Company and certain of the Company's executive officers. According to the complaint the plaintiff alleges that American Express Company (NYSE: AXP) and certain of its executive officers violated federal securities laws. The Complaint alleges that between March 1, 2007 and November 12, 2008 American Express Company (NYSE: AXP) and certain of its executive officers knew or recklessly disregarded that their public statements concerning the its business, operations, and prospects were materially false and misleading. Specifically, the plaintiff alleges that American Express Company public statements, among other things, misled investors by falsely representing American Express's exposure to the riskiest credit card holders and failed to disclose the its increasing reliance on riskier credit card programs.

Then on November 10, 2008, American Express obtained Federal Reserve System approval to convert to a bank holding company, making it eligible for government help under the Troubled Assets Relief Program . The American Express bank holding company could qualify for up to $3.5 billion of the Treasury Department's money-a capital infusion required to save the Company from its riskier endeavors and as a result of the its shift to risky card issuances, American Express stock (NYSE: AXP) has plunged approximately 65% since March 2007, so the lawsuit.