[ by Melanie Gretchen ] FINRA ordered Ameriprise to settle all claims stemming from the sale and transfer of a financial planning practice to a representative registered with Ameriprise Financial Services.  In a claim filed in April 2011, Russell King alleged that the firm conducted fraud, negligent misrepresentation, negligence, breach of oral contract, unjust enrichment, interlocutory injunction and constructive trust, and promissory estoppel. FINRA Findings and Allegations. In his claim, Mr. King sought not less than the $452,887.00 purchase price of his practice plus interest, punitive damages,  costs and fees.  In addition, he sought the issuance of a preliminary injunction and imposition of a constructive trust on the profits generated by  claimant’s former practice during the pendency of the litigation.  Ameriprise denied the allegations. The FINRA Arbitration Panel found Respondent Ameriprise liable for and ordered it to pay to Mr. King $226,443.50 in compensatory damages with post-judgment interest but with pre-judgement interest excluded.  The firm will also reimburse claimant’s attorneys’ fee in the amount of $62,136.00. The case: Claimant, v. Ameriprise Financial Services, Inc., Respondent (FINRA Arbitration 11-01675, 8/6/12). For further details, go to [Forbes, 8/9/12].