On April 17, 2025, LPL Financial filed a new lawsuit against Ameriprise Financial, alleging that Ameriprise sent misleading data breach notices to LPL customers. These customers had moved their investments to LPL after their financial advisors left Ameriprise.
LPL is seeking a federal court order to compel Ameriprise to cease sending further statements to LPL account holders and to provide LPL with a list of those who received the data notices. This action marks a new front in the legal dispute between the two firms.
This lawsuit highlights the intense competition for advisors and clients in the wealth management industry. The allegations of misleading notices could impact Ameriprise's reputation and its ongoing efforts to retain clients and advisors.
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