May 19th, 2006

Firm Wins $22,000,000 NASD Arbitration Award Against Ameriprise Subsidiary

Jim Swanson and Joe Peiffer won a $22 million award from an NASD arbitration panel against Ameriprise's brokerage subsidiary, Securities America, Inc., and its broker David McFadden, on behalf of thirty-two Exxon Mobil Corp. retirees.

The award is one of the largest awards ever issued by an NASD arbitration panel. It has been reported in the Wall Street Journal, Dow Jones Newswires, the Associated Press, Reuters, The Advocate, and many, many other media outlets.

"These are a group of mostly blue-collar, hard-working people who put their faith in this company and their broker," Peiffer commented. "The panel agreed with us that they betrayed that faith, leading to a substantial loss of much of our clients' retirement savings."

"Our clients were told they would be able to enjoy a lifestyle equal to the one they had while working. Instead, many of them were forced to go back to work as Wal-Mart greeters, stocking vending machines or other jobs paying a fraction of what they made at Exxon."

Other members of the firm team that won the award were Esmond Phelps, Lori Mince and Lance McCardle. Bonnie Jones, Vickie Carpenter and Deborah Stoddard of the firm's staff also provided critical support.

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