Ameriprise Financial (AMP): Ameriprise is selling subsidiary Securit...

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NYCityGirl

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Friday, 06/03/2011 3:15:49 PM

Friday, June 03, 2011 3:15:49 PM

Ameriprise is selling subsidiary Securities America, but it may have some trouble unloading the company:

http://www.investmentnews.com/article/20110501/REG/305019960

Anyone know if the sale has anything to do with Amerprise's knowledge of two fraud schemes run by Securities America? Some think there is something else Ameriprise is concerned with about Securities America as well:

http://registeredrep.com/advisorland/compliance/ameriprise_to_shed_securities_america_amid_pending_settlement_0425/

I'm really upset about the whole Ameriprise/Securities America situation. I think the legal issues are going to cost shareholders, because legal fees and judgments will waste company assets. This may cause me to sell my stock, but I'm probably going to talk to an attorney as well about this situation. Anyone else worried about Amerprise and what seems to be its bad business judgment and ongoing legal woes?