Ameriprise Financial Inc. will pay $1.25 million to settle an enforcement action brought by regulators over its sales of Section 529 college savings plans, the company said. Ameriprise neither admitted nor denied wrongdoing.

Brokerage regulator NASD said that the action against broker and insurer Ameriprise was its first in a probe into 529 sales practices at 20 securities firms. Other investigations are ongoing.

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