Judge Upholds $22M Arbitration Award

Law360, New York (September 14, 2006, 12:00 AM EDT) -- A federal judge has upheld a $22 million fine imposed on a division of Ameriprise Financial Inc., marking a major victory for the former employees of Exxon Mobile Corp. who filed the complaint against the broker.

Judge Jay Zainey of the U.S. District Court for the Eastern District of Louisiana on Tuesday denied a motion to toss the award filed by Securities America, a brokerage arm of Ameriprise.

Ameriprise said that it was likely to appeal the decision.

The award, handed down in May by a...
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