NEW YORK, April 4, 2007 (PRIME NEWSWIRE) -- Parker Waichman Alonso Mark LLP, www.yourlawyer.com, believes that the previously announced $100 million class action settlement between American Express (NYSE:AXP) and their financial services clients does not adequately compensate class members. Class members who participate in the settlement might recover as little as $20 each, and should consider filing an individual case rather than participating in the class action settlement.
If you purchased mutual funds as a client of American Express or Ameriprise Financial Services and lost $100,000 or more, contact Parker Waichman Alonso Mark LLP for a free case evaluation at www.yourlawyer.com/topics/overview/American_Express_Mutual_Funds or by calling 1-800-LAW-INFO (1-800-529-4636).
Who is Eligible to Opt-Out?
If you are eligible to participate in the class action, you should have already received a notice in the mail. All persons who are eligible to receive compensation under the terms of the class action settlement are able to "opt-out" of the agreement.
According to the class action notice the following persons are considered class members:
All persons and entities who, at any time from and including March 10, 1999 through and including April 1, 2006, (a) paid a fee for financial advisory services as described in the American Express or Ameriprise Financial Advisory Services Brochure and the Financial Advisory Service Agreement; or (b) purchased through American Express Financial Advisors (now Ameriprise) any mutual fund in the American Express or Ameriprise Preferred Provider Program, Select Group Program, or other similar program; or (c) purchased through American Express Financial Advisors any mutual fund sold under the American Express, AXP, or RiverSource brand; or (d) paid a fee for financial advice, financial planning, or other financial advisory services rendered in connection with the American Express or Ameriprise Strategic Portfolio Service program, Wealth Management Service program, or Separately Managed Account program.
About Parker Waichman Alonso Mark LLP
Parker Waichman Alonso Mark LLP is a leading consumer fraud, products liability and personal injury law firm that represents plaintiffs nationwide. Parker Waichman Alonso Mark LLP has assisted thousands of clients in receiving fair compensation for consumer fraud, securities fraud and denied insurance claims. In addition to representing victims of fraud, Parker Waichman Alonso Mark LLP represents thousands of individuals injured by Ortho Evra, Guidant Defibrillators, Kugel Hernia Mesh Patch, Fosamax, Ketek, ReNu with MoistureLoc, and many other defective drugs and medical products. For more information on Parker Waichman Alonso Mark LLP, please visit: www.yourlawyer.com or call (800) LAW-INFO.
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