Ameriprise Can't Escape Suit Over $20M In 401(K) Losses

Law360, New York (November 21, 2012, 5:29 PM EST) -- Ameriprise Financial Inc. failed Tuesday to shake class allegations it channeled employee benefits investments to poorly-performing funds that lost more than $20 million while generating profits for Ameriprise itself, after a Minnesota federal judge found that plan participants had properly stated their case.

U.S. District Judge Susan Richard Nelson denied the majority of Ameriprise's bid to dismiss allegations brought by current and former participants in the company's 401(k) retirement benefit plan, finding that the plaintiffs had adequately presented the evidence of Ameriprise's alleged malfeasance needed for...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.