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."

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."

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.

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]."

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.

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."

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."