FINRA Panel awards $440,000 in case against Ameriprise

Panel alleges Ameriprise Financial breached fiduciary duty

A FINRA arbitration panel of three public arbitrators awarded $440,158 in compensatory damages sought by heirs to one of the firm’s clients, claiming that Ameriprise Financial was liable.

According to the Financial Industry Regulatory Authority Inc.’s Office of Dispute Resolution an all-public arbitration panel found Ameriprise Financial 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 Financial 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, Nebraska.

Ameriprise Financial, Inc. is an American diversified financial services company. The company engages in business through its subsidiaries, providing financial planning, products and services.

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This information which is publicly available on FINRA’s website has been provided by The White Law Group.

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