Ameriprise Gets Suit Over $20M In 401(k) Losses Trimmed

Law360, Los Angeles (March 20, 2014, 6:36 PM EDT) -- A Minnesota federal judge on Thursday trimmed a lawsuit brought by a group of Ameriprise Financial Inc. employees who say the company invested their retirement money in dud funds that benefited their managers while losing $20 million, finding that the statute of limitations had run out on some of the claims.

U.S. District Judge Susan Richard Nelson, citing Eighth Circuit precedent, found that the clock started ticking on the statute of limitations on several claims when the plaintiffs were given the brochures and other materials explaining their investments, according to the ruling.

The judge kept alive some claims, including a breach...

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Minnesota

Nature of Suit

Labor: E.R.I.S.A.

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Date Filed

September 28, 2011

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