Trust Updates Archive
(Oct. 3, 2011 --Chicago, IL) -- Within days of the September 22 Bank of America ruling, a similar lawsuit was filed against Ameriprise Financial alleging the firm and its trust company failed to engage in a prudent process for the selection of plan investment options for the firm's 401(k) plan.
Plaintiffs assert that Ameriprise chose more expensive funds with inferior performance histories to generate revenue for its subsidiaries, which ultimately benefited the parent firm.
The firm's decision, they allege, caused the plan to suffer over $20 million in losses as a result of the excessive fees and expenses.
For more on this topic, see the current issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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