Ameriprise Settles Securities Suits For $27M: Atty

Law360, New York (March 3, 2011, 5:22 PM EST) -- Ameriprise Financial Inc. will pay $27 million to settle two putative class actions pending in Texas that accuse an Ameriprise unit of selling securities in companies later revealed to be operating Ponzi schemes, an attorney for the plaintiffs said Thursday.

Ameriprise agreed in principle to settle the suits brought in the U.S. District Court for the Northern District of Texas by clients who purchased private placement investments in Medical Capital Holdings Inc. and Provident Royalties LLC through Ameriprise subsidiary Securities America Inc., according to Daniel C....
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