dan wrote:
- quote -


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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"dan" <dan.gosser[at]gmail.com> wrote in message
news:1176392292.215551.72250[at]b75g2000hsg.googlegroups.com...

- quote -

The expression "the tip of the iceberg" comes to mind. Maybe this could be
the beginning of more widespread action.

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.