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After a long, winding legal road, involving no fewer than six federal court decisions, Ameriprise Financial finally won a suit alleging that it had charged excessively high adviser fees.
The suit, Gallus v. Ameriprise Financial, Inc., was originally filed in 2004 by shareholders in nine mutual funds managed by Ameriprise affiliates and made three major allegations against the asset manager.
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Experts suggest that process and disclosure matter more than ever in the face of class-action lawsuits alleging overpayments on voluntary benefits premiums.
The Validation Institute has put its stamp of approval on a dozen benefit advisers with a fee-based model that avoids conflicts of interest.
Mindful of cumbersome rules and the potential for blended-family feuds, advisers can help take the lead on keeping the peace for benefit plan participants.
Much has been written recently about the increased scrutiny of employer's fiduciary responsibility related to the health and welfare plans offered to their employees.
Former employees' Minnesota lawsuit accuses the bank of overpaying for prescription drugs, claiming mismanagement of the bank's health plan drove up costs for workers.
