Ameriprise agrees to $27.5m 401(k) settlement
March 27, 2015 by Janet Levaux
Ameriprise Financial (AMP) has agreed to pay $27.5 million to settle a class-action lawsuit that alleged it broke its fiduciary duty to about 24,000 current and former participants in its own retirement plan.
The suit was instigated against the firm in 2011 by Jerome Schlichter of St. Louis, the same lawyer that has brought similar issues before the U.S. Supreme Court recently.
According to the lawsuit, Ameriprise failed to ensure the reasonableness of the fees it charged for administrative services. Click HERE to read…