Defendant Name: Ameriprise Financial, Inc

Defendant Type: Public Company
SIC Code: 6282
CUSIP: 03076C10

Initial Case Details

Legal Case Name In the Matter of American Express Financial Corporation (now known as Ameriprise Financial, Inc.)
First Document Date 01-Dec-2005
Initial Filing Format Administrative Action
File Number 3-12114
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Sections 206(1), 206(2) Investment Advisers Act; Section 34(b) Investment Company Act


First Resolution Date 01-Dec-2005
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

IA-2451 01-Dec-2005 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940
On December 1, 2005, the SEC instituted settled administrative and cease-and-desist proceedings against American Express Financial Corporation (AEFC) (now known as Ameriprise Financial, Inc.). According to the SEC: "This matter arises from AEFC's failure to adequately disclose certain material facts to shareholders in the AXP [American Express] Funds for which it acts as an investment adviser. Specifically, AEFC did not adequately disclose to shareholders in the AXP Funds market timing activities that were inconsistent with the disclosures in the AXP Funds' prospectuses."
34-77497 01-Apr-2016 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
According to the SEC: "The Distribution Plan provides for distribution of the Fair Fund established in this matter, which contains $15,000,000 million in disgorgement and civil penalties paid by Respondent, plus accumulated interest, to eligible investors. Eligible investors are those investors who suffered losses to their holdings in AEFC funds as a result of market-timing activity between January 1, 2002 and September 30, 2003. As proposed in the Distribution Plan, if approved, eligible investors will receive a share of the Fair Fund as calculated by the Fund Administrator. The calculation will be based on records obtained from AEFC and certain other entities that are shareholders of record. Accordingly, eligible investors do not need to submit a claim in order to be considered for a distribution, and no claims procedure will be implemented."
34-77498 01-Apr-2016 Administrative Proceeding
Order Appointing Fund Administrator and Setting Administrator Bond Amount
On April 1, 2016, the Commission ordered the appointment of Rust Consulting, Inc. as the fund administrator and set the administrator's bond at $15,000,000.
34-77816 12-May-2016 Administrative Proceeding
Order Approving Plan of Distribution
On May 12, 2016, the Commission ordered the approval of the Distribution Plan. According to the SEC: "The Distribution Plan provides for distribution of the Fair Fund, plus any accumulated interest, less any taxes and fees and expenses associated with administering the distribution to Eligible Investors who owned shares between January 1, 2002 and September 30, 2003 in four mutual funds as described in the [December 1, 2005 Order]."
34-81064_3-12114 30-Jun-2017 Administrative Proceeding
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-82231 07-Dec-2017 Administrative Proceeding
Order Approving Application of Fund Administrator for Payment of Fees and Expenses and Approval of Future Fees and Expenses
According to the SEC: "It is hereby ORDERED, pursuant to Rule 1105(d) of the Commission's Rules, 17 C.F.R. § 201.1105(d), that OFM pay the Fund Administrator's current fees and expenses of $87,988.52 from the Fair Fund. Further, OFM is authorized to pay, at the direction of the Assistant Director of the Office of Distributions, any future fees and expenses of the Fund Administrator, so long as the total amount paid to the Fund Administrator, including the invoice to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."
34-85641 15-Apr-2019 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission stated: "it is ORDERED that the Commission staff shall transfer $10,726,900.91 to the Fair Fund's Escrow Account at The Huntington National Bank, and the Fund Administrator shall distribute such monies to investors as provided for in the Plan."