Ameriprise Securities Fraud Class Action Reaches $27M Settlement

New York, NY: A preliminary $27 million settlement has been agreed in a securities class action suit filed against Ameriprise Financial Inc. The suit, filed by clients of Ameriprise's independant-brokerage unit, alleged that the private placement interests sold in two companies - Medical Capital and Provident Royalties -- that went bankrupt in 2009 - were ponzi schemes.

The class of plaintiffs consists of approximately 2,000 investors who lost roughly $300 million.

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Published on Mar-4-11