NASD RULES AGAINST AMERIPRISEAn NASD arbitration panel ordered an Ameriprise Financial Inc. subsidiary to pay out as much as $9.3 million to three former pilots for American Airlines who charged that a broker for the financial services' subsidiary, Securities America, squandered their retirement savings on mutual funds that contained high fees and trading costs.
The panel ruled that Securities America and broker Robert P. Gormly Jr. are jointly liable for $3.9 million in actual damages and $2.4 million in attorney fees. Securities America also must pay $3 million in punitive damages.
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