Investors In Ameriprise Unit Seek To Block $21M Deal

Law360 (March 1, 2011, 12:08 PM EST) -- Investors arbitrating claims over losses from notes sold by an Ameriprise Financial Inc. unit sought to intervene in related litigation Monday, telling a Texas federal judge that a proposed $21 million class action settlement would unlawfully deny them arbitration rights.

The intervenors, led by investor Ewald Groetsch, lost some $5 million on notes issued by Medical Capital Holdings Inc. and sold by Ameriprise subsidiary Securities America Inc., according to their filing in the U.S. District Court for the Northern District of Texas.

The 13 investors and three trusts told the court that a proposed injunction of all proceedings — including pending...

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