American Express Co. (Amex), one of the nation's largest credit card companies, has settled a sex and age discrimination lawsuit for $31 million. The complaint, filed by seventeen women, alleged that American Express unfairly denied female employees pay increases and promotions. American Express denied the allegations, claiming it settled only to avoid "expensive litigation."

Defense attorneys profess the agreement will force the company to implement new hiring policies. The settlement requires Amex to initiate a diversity-training program. The company must also ensure that thirty-two percent of new hires for its financial adviser team are women. Thousands of female Amex employees may be eligible for compensation under the settlement agreement.