February 28, 2018 / 7:58 PM / 2 years ago

Ameriprise unit settles charges it overcharged customers: SEC

WASHINGTON (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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