A monitor displays American Express Co. signage on the floor of the New York Stock Exchange last year. (Photo: Michael Nagle/Bloomberg)
The U.S. Court of Appeals for the Second Circuit has upheld a New York judge’s dismissal of a proposed class action claiming that American Express Co. had hidden the importance of its co-branding agreement with Costco Wholesale Corp. and misled investors about the chances that it would collapse.
A three-judge panel of the Manhattan-based appeals court on Tuesday rejected an appeal by a union pension fund, which sued the credit card company in 2015 following a drop in AmEx’s stock after it revealed that the longstanding agreement with Costco’s U.S. business would not be renewed.
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