From: BRH 
Newsgroups: misc.invest.financial-plan
Subject: Re: Class action lawsuit against Ameriprise/Amex
Date: Thu, 12 Apr 2007 19:00:46 -0500
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	oXrdjH7/8C/Lx4FTFMqrkaomrab2y0g/ceukYjPP4w6nij99aNeOJQ==
	=iMhG

dan wrote:
> Did anyone here get the notice of the class action lawsuit against
> American Express Financial/Ameriprise?  I just got one and couldn't be
> happier that someone took action.
> 
> Here's a snippet:
> 
> · In their lawsuits, the investors complain that they were sold
> financial plans and/or advice that, instead of
> being tailored to their individual circumstances, contained
> standardized recommendations designed to
> steer them into investing in Defendants' proprietary mutual funds and
> other proprietary investment
> products and certain non-proprietary "Preferred" or "Select" mutual
> funds.
> · Plaintiffs allege that Defendants steered clients into the so-called
> Preferred or Select Funds (collectively,
> the "Preferred Funds") to obtain the fees Defendants would receive (a)
> from directed brokerage, in
> which the investment managers of the Preferred Funds directed
> securities trading business to
> Defendants, and (b) from revenue sharing, whereby American Express
> received a portion of the fees
> that the investment managers of the Preferred Funds charged the
> Preferred Funds. Plaintiffs claim that
> the conflicts of interest inherent in Defendants' financial plans and/
> or financial advisory services, and
> the compensation arrangements between Defendants and the Preferred
> Funds, were inadequately
> disclosed to investors. Defendants also steered investors into their
> own proprietary funds - called AXP
> Funds - to obtain revenue sharing fees paid by the AXP Funds'
> investment advisor.
> 
I did and I agree.

I was smart enough to see thru their BS before investing in any of their
"recommendations".  Unfortunately, they had already gotten their fee to 
do a "financial analysis".  What a crock!


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