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 the report, Citizens alleges that Smith solicited its former clients after joining Ameriprise, and that Ameriprise used Citizens' trade secrets and unfair methods of competition. The filing concerns the advisor's conduct following his move to Ameriprise and the firm's alleged use of confidential information. The case was brought in federal court in Massachusetts.
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.
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.
2020
CFPB sues Citizens Bank over credit card dispute handling
Lawsuit filed
The Consumer Financial Protection Bureau filed a lawsuit against Citizens Bank N.A., alleging violations of the Truth in Lending Act and failures in handling credit card billing disputes and related customer communications. The action concerns the bank's credit card dispute handling and its communications with customers in that context. The lawsuit was filed on January 30, 2020.
Company response
Denial — Citizens
Citizens said that the errors impacted 25,000 of its 1.2 million credit card customers and that it had already paid $750,000 in remediation to a “broader set of customers than required by law.”
Source excerpt
CPFB claims that the bank failed to properly manage and respond to credit card disputes from 2010 to 2015.
The Consumer Finance Protection Bureau on Thursday filed a lawsuit in the U.S. District Court of Rhode Island against Citizens Bank N.A., alleging that the bank violated the Truth in Lending Act for several years.
Citizens said that the errors impacted 25,000 of its 1.2 million credit card customers and that it had already paid $750,000 in remediation to a “broader set of customers than required by law.”