{"id":5761,"date":"2015-03-26T00:00:00","date_gmt":"2015-03-26T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/03\/ameriprise_financial_settles_4"},"modified":"2022-05-06T12:25:12","modified_gmt":"2022-05-06T17:25:12","slug":"ameriprise-financial-settles-4","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-financial-settles-4\/","title":{"rendered":"Ameriprise Financial Settles 401(k) Fiduciary Breach Case for $27.5M"},"content":{"rendered":"

\t\t\t\tAmeriprise Financial Inc. (AMP) will pay $27.5 million to settle a fiduciary breach case filed by its retirement plan participants. The plaintiffs contend that the financial firm cost them millions of dollars in excessive fees. The agreement was reached just weeks before the 401k lawsuits<\/a> were set to go to trial. Even though Ameriprise is settling, the firm is not denying or admitting to the alleged breaches.<\/p>\n

The plan participants filed their case in 2011 against the firm and the committes tasked with supervising Ameriprise’s employee benefits administration and 401(k) investments. The plaintiffs said that the investments in the 401(k) plan included money from the firm\u2019s RiverSource Investments subsidiary and that both companies were paid fee revenues from the plan dollars of employees.<\/p>\n

Under the deal, Ameriprise will not have to modify its plan but it will perform a request-for-proposal bidding process for investment consulting services and recordkeeping services, as well as other modifications. Aside from direct expense reimbursements from the plan, the firm cannot get paid for the administrative services it provides to the plan. Ameriprise also must continue to pay a recordkeeper, offer participants the required plan fee disclosures, and consider using separately managed accounts and collective investment trusts.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Ameriprise Financial Inc. (AMP) will pay $27.5 million to settle a fiduciary breach case filed by its retirement plan participants. The plaintiffs contend that the financial firm cost them millions of dollars in excessive fees. The agreement was reached just weeks before the 401k lawsuits were set to go to trial. Even though Ameriprise is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752],"tags":[],"class_list":["post-5761","post","type-post","status-publish","format-standard","hentry","category-financial-firms"],"yoast_head":"\nAmeriprise Financial Settles 401(k) Fiduciary Breach Case for $27.5M — Investor Lawyers Blog — March 26, 2015<\/title>\n<meta name=\"description\" content=\"Ameriprise Financial Inc. 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