April is not turning out the way that Securities America's advisors had envisioned.
Its parent company, Ameriprise Financial, had just agreed to back a $150 million settlement between the broker-dealer and investors who had lost about $400 million from faulty, and in some cases, fraudulent, private placement investments. On Friday, a federal judge in Dallas is expected to rule on whether to accept the settlement. In March, executives for Securities America argued that the firm’s survival hinged on a $21 million settlement that Securities America had worked out with class-action plaintiffs.
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