On June 3, 2025, it was reported that a group of financial advisors involved in the legal battle between LPL Financial and Ameriprise Financial rejected a settlement. These advisors, who moved from Ameriprise to LPL, claim they have been unfairly caught up in the dispute.
The previously proposed agreement in December required advisors to turn over personal devices to a third-party examiner for the deletion of client information Ameriprise claimed they should not have possessed. The rejection of this settlement indicates a lack of full resolution and potential for further legal proceedings.
This ongoing legal challenge prolongs uncertainty and potential costs for Ameriprise. The dispute underscores the complexities of advisor transitions and the protection of client data in a highly competitive industry.
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