NEW YORK, April 12, 2007 (PRIME NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com), representing numerous aggrieved investors throughout the nation, advises all American Express Financial Advisors ("American Express") (NYSE:AXP) customers who are eligible to participate in the Settlement of the American Express Securities Litigation, Case No. 04 Civ. 1773 (DAB), to explore all of their legal options against American Express, before they decide to participate in the Class Action Settlement. Class Members have until May 7, 2007 to request exclusion from the Class. It is estimated that approximately 2.4 million customer accounts were affected by the unsuitable advice provided by American Express, which is the subject of the Class Action.
According to K&T, investors who sustained losses of $100,000 or more in their American Express accounts should strongly consider pursuing an individual securities arbitration claim as an alternate means to recovering their financial losses. Empirical evidence shows that investors may achieve an overall higher rate of recovery by filing an individual securities arbitration claim.
Among the allegations in the American Express Securities Litigation, the Plaintiffs contend that they were sold financial plans and/or advice that contained one-size-fits-all recommendations, in order to generate fees for American Express. These recommendations were, in part, designed to place investors' money into non-proprietary "Preferred" or "Select" mutual funds, as well as American Express proprietary funds, which included the following:
1. AXP Growth B n/k/a RiverSource Growth B (Nasdaq:IGRBX) 2. AXP Growth Y n/k/a RiverSource Growth R4 (Nasdaq:IGRYX) 3. AXP Equity Select B n/k/a RiverSource Mid Cap Growth B (Nasdaq:IDQBX)
Accordingly, K&T plans to assist current and former American Express customers who paid a fee for financial advice to American Express, purchased American Express proprietary funds in the American Express or Ameriprise Preferred Provider Program, Select Group Program or paid a fee for financial advice, financial planning or other financial advisory services rendered in connection with the American Express or AmeripriseSM Strategic Portfolio Services (SPS) Advantage program, Wealth Management Service program or separately managed account program, in securities arbitration claims before the National Association of Securities Dealers ("NASD"). For more information, please contact Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 to discuss your legal options and/or the possibility of pursuing an individual securities arbitration claim. You may also visit us on the web at http://www.nasd-law.com.