An Omaha Nebraska FINRA panel has awarded $440,000 if favor of the beneficiaries of an estate.

Kari Larson opened two individual retirement accounts with Ameriprise in Nebraska in 2013. She later opened a third non-retirement account with the firm.

The claimants Tab and Jan Larson were named as beneficiaries for the IRAs.

After Kari Larson died, Ameriprise distributed $440,158 from the IRAs to a third party.

The estate of Kari Larson and the named beneficiaries to her IRAs filed suit against Ameriprise in Nebraska federal court. Ameriprise filed a motion to stay the court case and compel the Larsons to file an arbitration claim pursuant to the arbitration clauses in the account agreements Kari Larson signed in 2013. That motion was granted.

The Larsons filed an arbitration claim with FINRA did so in 2016, claiming damages of $400,158.

The arbitration panel awarded Tab and Jan Larson $418,000 and the Kari Larson estate $22,158 – 100% of the damages claimed.  Estate of Kari Lyn Larson, Tab R. Larson, and Jan
A. Larsonv. Ameriprise Financial Services, Inc. Case Number: 16-01613

It is unclear as to why Ameriprise made the distribution to the third party, who was identified in the federal court pleadings. Whatever the reason was, the arbitration panel clearly did not agree with it.

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Nicholas J. Guiliano has over twenty years experience representing investors before the Financial Industry Regulatory Authority, the New York Stock Exchange and before the National Association of Securities Dealers, Office of Dispute Resolution. Over the last twenty years, he has represented more than a thousand investors from all across the United States and from several foreign countries, in claims against stockbroker and broker-dealers for fraud, breach of fiduciary duty, churning or excessive trading, the sale of unsuitable investments, the sale of defective investments, the sale of unregistered securities, and the failure to supervise. He is frequently quoted in the national media on securities and investment related issues, most recently on National Public Radio. He offers his services on purely a contingent fee basis, and is also a member of Public Investors Arbitration Bar Association.

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