Ameriprise to pay $59.3 million in fines, restitution

Neal Gendler, Star Tribune
December 1, 2005

Ameriprise Financial Inc. and its brokerage arm, Ameriprise Financial Services Inc., have agreed to pay $59.3 million in fines and restitution to settle accusations by securities regulators that the businesses improperly favored some shareholders and mutual fund companies.

The Minneapolis-based company, which became independent from American Express in October, was accused of allowing some mutual fund shareholders to continue market timing after the company wrote a policy forbidding it. Regulators also said Ameriprise workers steered some customers to mutual funds that had paid Ameriprise undisclosed commissions.

Ameriprise did not admit to wrongdoing. The company said in a statement that it was "pleased to resolve these matters. Over the past few years, we have proactively enhanced our compliance policies to address them."...