Ameriprise Unit To Pay Exxon Retirees $22M: NASD

Law360, New York (May 17, 2006, 12:00 AM EDT) -- In a stunning success for a group of retired Exxon Mobil Corp. employees, a National Association of Securities Dealers panel has imposed a $22 million award to be paid out by Securities America Inc., a subsidiary of Ameriprise Financial Inc., in one of the largest awards of its kind.

The award, handed down earlier this week by a three-person NASD arbitration panel, comes as a victory for the 32 former Exxon employees, who claimed that they incurred large losses after Securities America nudged them into risky...
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