Ameriprise Financial -- the entity spun off by former parent American Express -- and its broker-dealer arm agreed to pay $57.3 million to settle charges of illegal trading and brokerage misconduct.

The Securities and Exchange Commission charged that Minneapolis-based Ameriprise Financial Service, the company's broker-dealer, failed to "adequately" disclose millions in revenue-sharing payments it received from a group of mutual fund companies dating back to 2001.

Two months ago, Ameriprise agreed to pay $15 million to settle charges that it allowed shareholders to execute "market-timing" deals in shares of mutual funds of which the company served as an advisor.Ameriprise Financial Services will pay an additional $30 million to the SEC and $12.3 million to brokerage regulator NASD.

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