Twenty-four thousand of Ameriprise Financial Inc.'s past and present employees have settled their case against Ameriprise for $27.5 million. The retirement plan participants claimed that they were charged excessive fees by Ameriprise. The participants alleged that Ameriprise failed to ensure reasonable fees for the administrative services provided. The settlement also states that Ameriprise will charge a flat administrative fee for each participant, incorporate more fee disclosures, and make efforts to find the most economical investment options.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
To read more, please visit: http://blogs.wsj.com/totalreturn/2015/03/26/another-suit-on-401k-fees-is-settled/ or http://www.investmentnews.com/article/20150326/FREE/150329942/ameriprise-to-pay-27-5-million-settlement-in-401-k-fiduciary-breach