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Ameriprise To Settle Market Timing Charges For $57M

Law360 (December 1, 2005, 12:00 AM EST) -- American Express Financial Corp., now known as Ameriprise Financial, will pay a total of $57.3 million to settle charges of illegal mutual fund share trading and brokerage misconduct brought by the Securities and Exchange Commission, the National Association of Securities Dealers and the state of Minnesota.

Ameriprise agreed to pay the SEC $15 million to settle charges that it allowed certain shareholders to do rapid “market-timing” deals in shares of mutual funds it advised, the SEC said.

Ameriprise Financial Services, the company's affiliated broker-dealer, will pay...
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