Consumer complaint received 2023-12-12
Company: AMERICAN EXPRESS COMPANY
State: LA
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Problem with a purchase shown on your statement
Sub-issue: Credit card company isn't resolving a dispute about a purchase on your statement

Complaint:
Re : Billing Error : Notice of Breach of Fiduciary Duty ; American Express Company Trustee Failure to Perform Obligations Dear CFPB, In accord with the Uniform Commercial Code, and the Indenture Agreement and Third Supplement Indenture Agreement ( s ) sections 104, 105 Trustee, XXXX XXXX XXXX, Representative of XXXX and Trustee of American Express Company has failed to abide by the terms and agreement under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 in the management, direction and processing of the certificated securities presented for transfer and payment as directed on XX/XX/XXXX resulting in Billing errors and omissions and Securities Fraud. 

This failure has resulted in the following identified the following billing error ( s ) : The billing error includes an incorrect statement balance for the account ; The billing error fails to reflect the balance of account upon receipt as recorded by the Indenture in the firm book on XX/XX/XXXX, No. XXXXUS, leading to dishonor. ( See Attached ) Subsequent Notice ( s ) regarding this failure sent to the Trustee on XX/XX/XXXX, requesting immediate attention and resolution per the terms and conditions as outlined in the SEC, Senior and Supplemental Agreements have failed to receive any appropriate action. 

In accordance with Third Supplemental agreement DATED AS OF XX/XX/XXXX, EXHIBIT XXXX : THIRD SUPPLEMENTAL INDENTURE, dated as of XX/XX/XXXX ( this THIRD SUPPLEMENTAL INDENTURE ), between AMERICAN EXPRESS COMPANY, a New York corporation ( the COMPANY ), having its principal executive office at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX supplementing the Subordinated IndentureXXXX XXXX XXXX XXXX XXXX XXXX XXXX  between the Company and the Trustee ( the SUBORDINATED INDENTURE ), as supplemented by the Second Supplemental Indenture, dated as of XX/XX/XXXX, between the Company and the Trustee ( the Subordinated Indenture so supplemented, the BASE INDENTURE and, together with this Third Supplemental Indenture and as further amended and supplemented from time to time, the INDENTURE ). 

WHEREAS, the execution and delivery of this Third Supplemental Indenture have been duly authorized in all respects. 

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH : For and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportional benefit of all Holders of Notes, the provisions outlined within the Securities Act of 1933 and pertinent regulations, we hereby submit this summary statement to direct the processing of the enclosed registered security. 

The objective of this communication is to ensure that the securities are processed and administered in compliance with the Securities Act of 1933, the Securities Exchange Act of 1934, and related regulations, as well as in alignment with the specific instructions provided by the receiving company.

Section 1.04, Act of Holders of the Indenture Trustee Agreement states : ( a ) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing ; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Company Such instrument or instruments ( and the action embodied therein and evidenced thereby ) are herein sometimes referred to as the Act of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and ( subject to Section 8.01 hereof ) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.04. 
( b ) The fact and date of the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may be proved in any manner which the Trustee deems sufficient and in accordance with such reasonable requirements as the Trustee may determine. 
( c ) The ownership of Securities of any series shall be proved by the Securities Register. 
( d ) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee or the Company or any agent of the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

Section 1.05 Notices, etc., to Trustee and Company. of the Indenture Trustee Agreement states : Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, ( a ) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or ( b ) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder ( except as provided in Subsection ( d ) of Section 7.01 hereof ) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company In addition to failure to perform fiduciary duties in the role assigned as Trustee per the agreement between American Express Company XXXX and XXXX, XXXX XXXX XXXX has failed to adequately respond, take responsive action, or give reason for this failure resulting in Securities Fraud and violation of the terms and agreement under the Uniform Commercial Code ( s ) 3-307, 3-309 that clearly define the role and obligations such course of action and are enforceable, agreed to by him as XXXX Trustee for American Express Company and under the Trust Indenture Act of 1939, the Securities Act of 1933, the Securities Exchange Act of 1934. 

I appreciate your prompt attention to resolution of this matter. 
Enclosures : Notice of Failure of Trustee Registered Mail Delivery Proof of Delivery, Receipt ( s )

Company response to consumer: Closed with explanation