Ameriprise Settles $1.8M Excessive-Fund-Fees Case

Ameriprise Financial Services Inc. reached a settlement with the SEC in a case alleging that the Minnesota-based firm recommended and sold higher-fee mutual shares to retirement account customers.

The Securities and Exchange Commission accused Ameriprise of putting retirement account customers at a disadvantage by failing to let them know of their eligibility for less-expensive mutual fund share classes. Approximately 1,791 customer accounts paid $1.78 million in excessive fees as a result of Ameriprise’s practices, the SEC said Feb. 28.

Ameriprise is the latest financial company to settle similar accusations by the government. In the past year, UBS Financial Services Inc. ...