Accoding to a Seattle newspaper, and NASD arbitration panel has awarded a group of Exxon employees 22 million dollars in an arbitration proceeding against Securities America, which is a division of Ameriprise.
The $22 million award includes $11.6 million in compensatory damages, $3.5 million in punitive damages and $4.7 million in attorneys' fees according to the article, and is said to be one of the largest of its kind ever levied against a brokerage firm.
According to the article, the issues in the arbitration case were Securities America's sales to the Exxon Mobil employees of variable annuities and Class B mutual fund shares.
