February 28, 2018 / 7:49 PM / 4 months ago

Ameriprise unit settles charges it overcharged customers -U.S. SEC

WASHINGTON, Feb 28 (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday that a unit of Ameriprise Financial Inc has agreed to settle charges it sold higher-fee mutual fund shares to retail customers without determining whether they were eligible for less-expensive funds.

The SEC said Ameriprise Financial Services Inc, without admitting or denying the findings, agreed to pay a penalty of $230,000. It said that about 1,791 customers of the investment adviser had paid $1.78 million in unnecessary charges due to Ameriprise's practices. (Reporting by Tim Ahmann; Editing by Lisa Shumaker)

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