Several class actions have been filed against financial services company American Express Company (NYSE: AXP), American Express Financial Corporation, and American Express Financial Advisors, Inc. and certain of its officers and directors by investors who purchased who purchased mutual funds in the American Express family of mutual funds between March 10, 1999, to February 9, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The investors seek to recover compensatory damages for the loss of value of their fund shares.

The action alleges that American Express Financial Advisors falsely advertised that it provides objective investment financial planning advice based on each clients particular circumstances in life. This falsehood arose because the company allegedly had an undisclosed interest in pushing American Express Company funds and certain other preferred funds, which were among the poorest performing mutual funds on the market. Investors paid the company substantial fees and were led to believe that they were receiving objective advice, when in fact, they were receiving investment advice that was motivated by a secretive corporate policy that sought to prop up failing funds.

If you purchased the any of the funds sold by American Express Financial Advisors, during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by May 3, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent member.