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tony

Part Of A Class Action Suit

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Hi all

 

I received papers yesterday informing me that I was a part of a class action suit against the former American Express company and now called Ameriphrise. According to the papers, at the time I was a client the financial advisors are alledged to not making investments decisions for their clients based on individual client needs but instead had a "playbook" to navigate clients into high commission propriety products to reap high commissions.

 

I can foolishly remember paying my advisor $300.00 for him to do a assett allocation analysis. When I got it back it was just a pie chart and a recommendation to sell all my funds and move into specific American Express funds.

 

I foolishly went along, incurring a hugh tax bill as a consequence and was moved into funds that were of higher fee and lower quality than I had my original funds in.

 

I finally caught on and moved all money to Vanguard thanks to knowledge gained through this web site. My

"advisor" called me when that 90-24 form arrived on his desk and was livid that I would move my money

somewhere else. He even told me "You are not getting what you think you are getting" by moving to Vanguard. The fact is, he was only worried about himself. He stalled the process for 6 months.

 

 

If anyone knows anything about this I would appreciate your comments. I need to send in the form and that makes me automatically a part of this suit . I may get money back but I'm not holding my breath.

 

Some of us here don't speak as experts (although you should be weary of "experts") but we have experienced incredible abuse at the hands of these insurance companies and we are sincerly trying to help you avoid those same pitfalls .

 

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Guest Sierra

You must fill out a form if you do NOT want to be a member of the Class. Do nothing if you want to remain a member of the Class.

 

Peace and hope,

Joel

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You must fill out a form if you do NOT want to be a member of the Class. Do nothing if you want to remain a member of the Class.

 

Peace and hope,

Joel

 

 

 

Sierra

 

I think you are wrong. I went back and checked and it definetly asked me to send the form in by May 7 if I wanted to be part of the suit. That was a good heads up however because it caused me to go back and re-read it to make sure.

 

For those of you interested further in this there is a web site given with some information but not anywhere as much as the booklet I received.

 

Does anyone know what usually comes out of these class action suits?

 

http://www.financialfeesettlement.com

 

 

 

 

 

 

You must fill out a form if you do NOT want to be a member of the Class. Do nothing if you want to remain a member of the Class.

 

Peace and hope,

Joel

 

 

 

Sierra

 

I think you are wrong. I went back and checked and it definetly asked me to send the form in by May 7 if I wanted to be part of the suit. That was a good heads up however because it caused me to go back and re-read it to make sure.

 

For those of you interested further in this there is a web site given with some information but not anywhere as much as the booklet I received.

 

Does anyone know what usually comes out of these class action suits?

 

http://www.financialfeesettlement.com

 

 

 

 

Actually Sierra I think we are both right. This is confusing. I don't have to send anything in by May 7 and I will become part of the suit but I must send the claim form they sent me by July.

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###### was I stupid years ago. I can't believe I fell for it.

 

Tony

 

 

 

 

"Does anyone know what usually comes out of these class action suits?"

 

Rich lawyers.

 

 

Yup. And pennies on the dollar for any parties who were actually wronged.

 

 

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###### was I stupid years ago. I can't believe I fell for it.

 

Tony

 

 

 

QUOTE(FrenchTeacher @ Mar 14 2007, 02:33 PM)

 

 

QUOTE(apteacher @ Mar 14 2007, 11:18 AM)

 

"Does anyone know what usually comes out of these class action suits?"

 

Rich lawyers.

 

 

 

Yup. And pennies on the dollar for any parties who were actually wronged.

 

Tony,,,,,,,Studid...no, Naive and uneducated....yes. Most, if not all of us, the experts who post here, were also prey to the sharks.

 

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Backyard,

 

Welcome to this site and Thank-You for the link to such an entertaining site. ###### am I getting excited about

getting fifty bucks back.

 

All those investments with American Express finally paid off.

 

 

Tony

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Tony, glad you liked the link :) .

 

Yup, Ameriprise/AEFA makes it sound like they'll give you financial advice when in reality you're paying for a sales pitch. It's really a shame. Hard working people looking for a financial advice only to be suckered into high fee junk. Too bad people can't recoup more from the class action but when you slice a pie that thinly it won't go very far. My dumbest financial decision was using Ameriprise (when it was AEFA) for planning and my smartest financial decision was leaving them behind.

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Hi Backyard,

I want to also welcome you to this sight. Is that link you provided for real? Hard to believe that some of the discussions had to be blocked because of flame wars. It does get heated around here too. I have been posting around the web for many years and never heard of the site you provided.

 

You said that if you are not part of the settlement, you cannot sue later on. I was also part of a class action settlement years ago and I purposely did not sign on because I thought that if I took their penny on the dollar settlement that I could not sue later either. By leaving it open, I could sue. But I am not an attorney. Please clarify.

Thanks,

Steve

PS by the way, we all made mistakes. For me, I have made massive mistakes. I call it tuition for learning this stuff, but most important they are MY mistakes, not somebody else making mistakes with MY money while earning commissions and fees off of MY money.

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I'm not an attorney either so this is just my humble opinion.

 

If you do not sign the form and send it back, you will not receive any money from the settlement and you'll never be able to pursue a claim against Ameriprise. If you sign it and send it back, you'll receive your part of the settlement (50 bucks or so) and you'll never be able to pursue a claim against Ameriprise. If you opt out, you won't receive any of the settlement but you'll have the option to pursue a claim at a later date if you decide. For example, you have an annuity and you feel it wasn't appopriate you'd be able to take them to arbitration.

 

PS by the way, we all made mistakes. For me, I have made massive mistakes. I call it tuition for learning this stuff, but most important they are MY mistakes, not somebody else making mistakes with MY money while earning commissions and fees off of MY money.

I don't have problems with seeking help and paying for the help. The problem I have is when they operate under the guise of one thing and do something totally different. In Amerprise case, pay for an objective financial plan when in reality you're paying for a sales pitch.

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Hi backyard

I refused to sign any form. I recieved $5 on a $5000 loss on a previous investment, so I know what these settlements really mean. I just wanted to make a statement on an annuity sold to me. I wrote a note saying that I do not want any part of this settlement. I really don't know if I "opted out" or did not sign the form and send it back. Looks like its the later.

For me its been a lifetime of learning this stuff making one mistake after another, each time learning. I wonder what mistakes I am making right now that I don't know about.

Anyway, thanks for the reply.

Steve

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