A securities-industry arbitration panel has awarded $22 million to a group of Exxon Mobil Corp. retirees who accused brokerage firm Securities America Inc. of improperly steering them into high-risk investments between 1996 and mid-2003.
The three-member panel of the National Association of Securities Dealers, the brokerage industry's self-policing organization, made the award Monday against Securities America, a subsidiary of Ameriprise Financial Inc.
The $22 million award includes some $11.6 million in compensatory damages, $3.5 million in punitive damages and $4.7 million in attorneys' fees, and is said by experts to be one of the largest of its kind ever levied against a brokerage firm.
Ameriprise markets itself as the broker to the boomer generation. Apparently, boomer refers to what happens to your portfolio if you decide to trust them with your retirement. Click on the title to read the entire article.