Claimant alleges that representative unsuitably recommended that he withdraw his pension and invest all of the proceeds in a RAVA 5 annuity. Claimant further alleges that his advisor made misrepresentations and omitted material information about the annuity and the overall investment strategy.

$250,000.00

$12,500.00

Ameriprise made a business decision to settle this matter for 5% of the alleged damages in order to avoid the much higher cost of legal fees. There was no admission of liability or wrong doing by either Ameriprise or Mr. Hicks. As Mr. Hicks was not a named respondent in this matter, he was not involved in the settlement agreement. He was not asked to, nor did he contribute to the settlement.