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Who Wins and Who Loses?

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A recent article in Barron’s magazine discussed a lawsuit filed by Ameriprise employees over losses in their 401(k) plans.  The employees claim that Ameriprise favored funds managed by its subsidiary, which had a poor investment record and high fees.  The 401(k) fund suffered $20 million in investment losses, but some of the fees went back into Ameriprise’s pockets, according to the lawsuit.  This lawsuit begs the question:  if Ameriprise as an entity so flagrantly flaunts its fiduciary responsibility as to have its own employees bring a lawsuit, then how can those same employees justify recommending Ameriprise and its products for their clients?

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