Judge OKs $80M Ameriprise Deal Over Bad Securities

Law360, New York (August 5, 2011, 1:36 PM EDT) -- A Texas federal judge on Thursday preliminarily approved an $80 million settlement between Ameriprise Financial Inc. and classes of more than 2,000 investors who bought into the Provident Royalties LLC and Medical Capital Holdings Inc. Ponzi schemes through Ameriprise's offerings.

After a July 27 fairness hearing, U.S. District Judge Royal Furgeson gave the tentative green light to a deal that establishes two settlement classes of investors who claim Ameriprise's Securities America unit made misstatements as it sold them $47 million in Provident equity and $697 million...
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