On March 4th, the New York Times reported that a series of FINRA arbitrations and a class action lawsuit, all involving Securities America, a brokerage unit of Ameriprise Financial, may have implications for other multi-party financial fraud cases. The Securities America cases involve the allegedly inappropriate sale of Regulation D securities. In a somewhat unusual development, Securities America attorneys want the cases heard as a class action lawsuit, not as individual arbitrations. Arbitration Dilemma.