Finra awards $440,000 in case against Ameriprise

All-public arbitration panel says firm breached fiduciary duty.
JUN 23, 2017

Saying that Ameriprise was liable, a Finra arbitration panel awarded $440,158 in compensatory damages sought by heirs to one of the firm's clients. In an award document, the Financial Industry Regulatory Authority Inc.'s Office of Dispute Resolution said that an all-public arbitration panel found Ameriprise breached its fiduciary duty, omitted facts and breached contracts in connection with retirement accounts opened in 2013 and held by Kari Larson. The case was brought by Tab R. Larson and Jan A. Larson, heirs of Kari Larson, who claimed that Ameriprise made improper distributions to an individual who was not a proper beneficiary of a non-qualified account and two IRA accounts. The case was heard in Omaha, Neb.

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