July 25 2007
New York, NY: (Jul-24-07) A class action lawsuit was brought against Ameriprise Financial Services Inc., alleging that the brokerage and asset management company broke US securities laws and defrauded investors by dispensing standardized advice rather than tailoring products to its clients. The company, previously known as American Express Financial Advisors, agreed to a settlement, in which they will pay $100 million to resolve the class action litigation. Legal counsel stated that under the terms of the settlement, Ameriprise will pay $100 million to individuals who purchased financial advice or other services, and will also be responsible for settlement costs totaling $15 million to $18 million. Though the company entered into the settlement agreement, it did not admit any liability or wrongdoing.
[REUTERS: STANDARDIZED ADVICE
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