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US court approves $100 mln Ameriprise settlement

NEW YORK, July 24 (Reuters) - A U.S. district judge in New York has approved a $100 million settlement of a class action suit against Ameriprise Financial Services Inc. AMP.N, according to court documents and the plantiffs' lawyers.

The settlement resolves claims the brokerage and asset management company, previously known as American Express Financial Advisors, broke U.S. securities laws and defrauded investors by dispensing standardized advice rather than tailoring products to its clients.

The company has denied any wrongdoing.

Under terms of the settlement, Ameriprise will pay $100 million to individuals who purchased financial advice or other services, and will also be responsible for settlement costs totalling $15 million to $18 million, plaintiffs’ lawyers said in a statement sent to the media.

Reporting by Nick Zieminski; nick.zieminski@reuters.com; Reuters Messaging: nick.zieminski.reuters.com@reuters.net; +1 646 223 6000

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