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CORRECT: Ameriprise To Sell Troubled Securities America Unit

("Ameriprise To Sell Troubled Securities America Unit," published at 6:11 p.m. EDT, incorrectly characterized the settlement in the third and fifth paragraphs. A corrected version follows:) CHICAGO -(Dow Jones)- Ameriprise Financial Inc. (AMP) said Monday it's decided to sell its legally troubled Securities America broker-dealer. The Minneapolis firm said it will look to find a buyer for its Nebraska-based broker, which serves independent financial advisers across the country. The giant retail investment company said it will instead turn its focus to mostly doing business with financial advisers that carry the Ameriprise name. The company did not issue a separate statement, and instead disclosed the decision to sell Securities American in its regular earnings report. Ameriprise said it swallowed $158 million in pretax charges--including $110 million in the first quarter--to settle claims tied to private-placement investments Securities America had sold to customers. Ameriprise didn't admit wrongdoing under the terms of the settlement, but said it nonetheless decided to off-load a business it purchased in 1998 for about $25 million, according to reports. "Management has decided to identify an appropriate buyer for Securities America," the company said in its earnings report. "A sale would allow Securities America to focus on growth opportunities in the independent channel and would allow Ameriprise to devote its resources to the Ameriprise branded-adviser business." The firm's decision to withdraw from the independent-adviser industry stands in contrast to the strategies at many other companies, like Charles Schwab Corp. (SCHW) and BNY Mellon Corp. (BK), which are trying to grow their businesses that serve independent advisers. Ameriprise settled other legal troubles on behalf of Securities America earlier in the decade, although the most recent settlement, signed April 15, was by far the largest. -By Marshall Eckblad, Dow Jones Newswires; 201-303-0544; marshall.eckblad@dowjones.com

Stock News for Amp (AMP)
DateTimeHeadline
08/03/201515:53:55Quarterly Report (10-q)
08/03/201509:20:00Columbia Threadneedle Investments Hires Jim Bumpus to Lead U.S...
07/23/201515:00:00Columbia Threadneedle Investments Partners with ITU World Triathlon...
07/22/201518:49:25Ameriprise Profit Rises on Growth in Advice and Wealth Management
07/22/201516:11:05Current Report Filing (8-k)
07/22/201516:07:00Ameriprise Financial Declares Regular Quarterly Dividend
07/22/201516:05:00Ameriprise Financial Reports Second Quarter 2015 Results
07/13/201517:06:36Statement of Changes in Beneficial Ownership (4)
07/13/201517:06:08Statement of Changes in Beneficial Ownership (4)
07/13/201517:06:08Statement of Changes in Beneficial Ownership (4)
07/13/201517:06:08Statement of Changes in Beneficial Ownership (4)
07/13/201517:05:39Statement of Changes in Beneficial Ownership (4)
07/13/201517:05:39Statement of Changes in Beneficial Ownership (4)
06/25/201517:11:11Statement of Changes in Beneficial Ownership (4)
06/24/201517:20:10Annual Report of Employee Stock Plans (11-k)
06/24/201507:00:00Ameriprise Study: Generation X Confident They're Saving, Investing...
06/22/201516:30:00Ameriprise Financial Announces Schedule for Second Quarter 2015...
06/18/201511:00:00Ameriprise Financial Hosts National Volunteer Event to Help Feed...
06/15/201517:03:58Statement of Changes in Beneficial Ownership (4)
06/15/201517:03:33Statement of Changes in Beneficial Ownership (4)

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