A class action lawsuit has been filed against the financial company for allegedly breaching franchise agreements when it replaced the American Express brand affiliation with the Ameriprise brand. The lawsuit was filed in Hennepin County District Court, Minneapolis, Minnesota on behalf of current and former Ameriprise investment advisor franchisees. The suit claims that when Ameriprise Financial Inc. spun off American Express Company, franchisees were deprived of the use of a well-recognized brand name, as required by their franchise agreements.
The class action alleges Ameriprise violated the Minnesota Franchise Act and breached its franchise agreements when it replaced the American Express brand affiliation with the new "Ameriprise" brand, an unknown in the marketplace.
