Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2026
Citizens Securities sues Ameriprise over former advisor
Lawsuit filed
Citizens Securities filed a lawsuit against Ameriprise Financial and former advisor Darrell Smith in Massachusetts federal court. According to Citizens, Smith solicited its former clients after joining Ameriprise, and Ameriprise used Citizens' trade secrets and unfair methods of competition. The case concerns allegations brought by Citizens against both the advisor and the firm.
Citizens Securities sued Ameriprise Financial and former advisor Darrell Smith in Massachusetts federal court. Citizens alleges that Smith solicited its former clients after joining Ameriprise and that Ameriprise used Citizens’ trade secrets and unfair methods of competition.
Company response
Denial — Ameriprise
Reached for comment, an Ameriprise spokeswoman said in a statement: “We will be filing our response in court shortly, which will articulate why we believe this case is without merit."
Source excerpt
Citizen Securities (a broker/dealer wholly-owned subsidiary of Citizens Bank) filed the suit against Ameriprise and its former employee, Darrell Smith, in Massachusetts federal court last week, and claimed Ameriprise used “unfair methods of competition and committed unfair acts” when allegedly using Citizens’ trade secrets.
Edward Jones is suing an ex-advisor, accusing him of violating a non-solicitation agreement with, the firm alleges, the active help of his new employer, Ameriprise.
The firm’s lawsuit alleges that Clyburn, who had worked at Edward Jones for 10 years before joining Ameriprise, signed an employment agreement that included a one-year non-solicitation clause. Edward Jones claims Clyburn copied client contact information and took it with him to his new employer in violation of his employment agreements.
2018
Higher-fee fund placement settlement
Ameriprise paid $230,000 to settle SEC allegations that customers were placed into higher-fee funds.
2018
Retail-asset safeguarding settlement
Ameriprise paid $4.5 million to settle allegations that it failed to safeguard retail investor assets from fraudulent conduct by representatives.
2016
Department of Labor pay-discrimination settlement
The company agreed to pay reported back wages after a Department of Labor matter alleging that 20 Black employees were paid less than similarly situated white employees.
2015
Employee 401(k) fee lawsuit settlement
Ameriprise paid a reported $27.5 million to settle litigation alleging that employees were charged excessive fees in the company’s 401(k) program.
2011
Securities America private-placement settlements
Securities America and its holding company entered settlements involving private-placement securities issued by Medical Capital and Provident Royalties, producing reported pre-tax charges.
2009
Undisclosed REIT revenue-sharing settlement
Ameriprise agreed to pay $17.3 million following an SEC enforcement action concerning undisclosed revenue sharing tied to sales of certain real estate investment trusts.
2008
Reserve Primary Fund investor support
During the financial crisis, Ameriprise volunteered to pay as much as $33 million to cover investor losses connected with the Reserve Primary Fund.
2006
Customer-data laptop incident
The company settled charges related to a stolen laptop containing data associated with approximately 230,000 customers.
2005
Proprietary mutual-fund recommendations settlement
New Hampshire reached a reported $7.4 million settlement with Ameriprise Financial Advisors over allegations that advisors were rewarded for recommending underperforming proprietary mutual funds.
2005
Market-timing and brokerage-practice settlements
Ameriprise agreed to reported settlements involving SEC market-timing allegations, state fines, and NASD allegations concerning mutual-fund and share-sale practices.