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Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action

New York, NY: A preliminary settlement has been reached by Ameriprise Financial and its brokerage unit, Securities America Inc, and clients who allege in they lost roughly $400 million on fraudulent private placements.

The preliminary agreement would see Securities America pay $80 million, further to a separate agreement in which SA has agreed to pay $70 million. If approved, the settlement would mean a recovery of 40 cents on the dollar, after fees.

If approved, the majority of the settlement will be paid by Ameriprise.

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Last updated on Apr-13-11