The Securities and Exchange Commission (SEC) recently settled charges with Ameriprise. The SEC was charging the firm for recommending and selling higher-fee mutual fund shares to retail retirement account customers and for failing to provide sales charge waivers. The bank allegedly disadvantaged certain retirement account customers by failing to ascertain their eligibility for less expensive mutual fund share classes. The bank sold these customers more expensive mutual fund share classes when less expensive share classes were available. It also failed to disclose it would receive greater compensation from the purchases, and that the purchases would negatively impact the overall return on the customers’ investments. 1,791 customer accounts paid a total of $1,778,592.31 in unnecessary up-front sales charges, contingent deferred sales charges, and higher ongoing fees and expenses as a result of this. If you suffered losses with Ameriprise, please call us today to find out how you may be able to recover those investment losses on a contingency fee basis in the arbitration forum.
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