Ameriprise Unit Tells Judge $80M Deal Bars Mont. Action

Law360, New York (February 1, 2012, 9:36 PM EST) -- Ameriprise Financial Inc. unit Securities America Inc. asked a Texas federal judge on Wednesday to prevent Montana officials from seeking restitution for investors who bought into a Ponzi scheme through an Ameriprise offering, saying that would violate an $80 million settlement agreement in three class actions.

In August, U.S. District Judge W. Royal Furgeson approved a deal that established two settlement classes of investors who claim Securities America made misstatements as it sold them $47 million in Provident Royalties LLC equity and $697 million in Medical...
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Case Information

Case Title

Mitchell v. Securities America Inc


Case Number

3:11-cv-01948

Court

Texas Northern

Nature of Suit

Securities/Commodities

Judge

David C Godbey

Date Filed

August 8, 2011

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