Displaying 206 results
Securities America, plaintiffs’ attorneys strike deal: Sources
In a huge turning point for Securities America, the besieged brokerage and attorneys representing investors have purportedly agreed to settle lawsuits arising from the sale of soured private placements
Securities America, plaintiffs making ‘substantial progress’
In an e-mail sent to brokers Friday evening, Securities America said crucial negotiations with investors suing the B-D could lead to a final resolution of the dispute. Without such an agreement, the brokerage -- and its 1,800 reps -- may be facing the end of the line.
‘Financially strong’ Securities America reports $115M loss
Securities America reported an ugly $115 million loss in the first quarter, which may not seem overly appealing to potential buyers. Then again, most of the red ink was due to litigation costs. And with the B-D's legal troubles seemingly behind it, the brokerage could be poised for better days.
CFO: Securities America on the brink without legal settlement
The B-D's finance chief says the brokerage, part of Ameriprise, could be on the brink -- if a judge fails to approve a class-action settlement over failed private placements
BofA’s cross-selling plan costs Merrill a veteran team
Bank of America wants its advisers and reps to market banking products and to assist clients with banking services. That strategy may not be sitting so well with some advisers. This week, a $250M team jumped to Ameriprise. The reason? Partly, to focus on financial planning, not banking.
Ameriprise set to buy Grail Advisors: Sources
It's been a busy few days for Ameriprise Financial. Earlier this week, the firm, along with subsidiary Securities America, lined up an agreement with lawyers representing investors who got burned in Reg D offerings. And today, it appears the company is on the verge of acquiring Grail -- and moving into the actively-managed ETF space.
Ameriprise, investors seek court’s OK on deal
Ameriprise Financial Inc., two of its Securities America units and a group of investors who sued them asked a U.S. judge to approve a proposed $80 million cash settlement.
Ameriprise sets aside $40M for private placement claims
Amount equals about 10% of total client losses on Reg D notes later deemed fraudulent by the SEC
Ameriprise steps in to steady Securities America
On Friday, Securities America's CFO said the brokerage could face bankruptcy if a judge rejected a proposed settlement over soured private placements. The judge rejected the settlement. Now, Securities America's parent may step in to try to bail out the besieged B-D.
Regulators blast decision to halt state cases against Securities America
NASAA says ruling will have chilling effect on securities enforcement
Securities America, Ameriprise private-placement cases could drag on
The proposed class action settlements reached by Securities America Inc. and its parent Ameriprise Financial Inc. with clients who bought allegedly fraudulent private placements from Securities America between 2003 and 2009 could be upended by investors who opt out of the deal
So how much is Securities America worth to Ameriprise?
An expert witness claims that Ameriprise can kick in $110M to help settle Reg D lawsuits against its Securities America unit. A meeting with a mediator on Thursday may reveal exactly how far the parent company is willing to go to bail out the besieged B-D.
Securities America deal poised on a knife’s edge
Yesterday, Securities America and parent Ameriprise struck a deal with attorneys representing investors who bought private placements that went bust. Today, lawyers involved in the negotiations say the deal could unravel if a handful of clients opt out of the agreement.
Ameriprise reaches $27M settlement over private placements: Attorney
Ameriprise Financial Inc. has reached a $27 million settlement with investors who bought private placements that have gone bust from reps at its independent broker-dealer subsidiary, Securities America Inc., according to an attorney with knowledge of the matter.
Despite Grail bail, subadviser aims to stick in active-ETF biz
RiverPark looking at launching actively managed exchange-traded funds; 'going to tread slowly'
Columbia’s purchase of Grail could make Ameriprise big-time ETF player
Acquisition by company's subsidiary gives financial industry giant entrée into the market for active offerings
Half a loaf? Securities America puts offer on the table
According to a source, Securities America has offered arbitration plaintiffs about 50 cents on the dollar to settle their claims over Red D offerings that went bust
Ex-Ameriprise manager: I got fired for flagging violations
Loscalso claims he was axed for warning firm about lax oversight of brokers; 'fraud, forgery'
Lawsuits suck air out of Securities America’s cash cushion
Set-asides for litigation slashes B-D's capital on hand from $15M to $2M
Montana securities cops sue Securities America
Montana's commissioner of securities and insurance has sued Securities America over the sale of failed private placements, making it the second state to target the broker-dealer for selling the risky investments.
