underperforming in-house mutual funds to clients. In December 2005, Ameriprise agreed to pay a $12.3 million to settle NASD charges relating to favorable treatment allegedly given to some mutual funds in exchange for brokerage business. In December 2005, the company agreed to pay $15 million to settle charges of market timing by the U.S. Securities and Exchange Commission. The Minnesota Department of Commerce levied $2 million in fines for similar market timing violations and the National Association of Securities Dealers fined Ameriprise an additional $12.3 million for unsuitable share sales. Ameriprise had not revealed which funds were timed, or the names of the people involved and the exact nature of the disciplinary action taken. Morningstar, Inc. temporarily reduced the stewardship grade for Ameriprise's funds, although it did not impact the fund's overall star ratings from that firm. In September 2006, Securities America reached a $16.3 million settlement with a group of ExxonMobil retirees for failing to supervise an associated broker. In December 2006, a NASD arbitration panel awarded $9.3 million to three retired American Airlines pilots against Securities America and a formerly associated broker for allegedly mishandling their savings. Also in December 2006, the company settled charges regarding a stolen laptop containing data on an estimated 230,000 customers. On July 11, 2007, the NASD fined Securities America $375,000 for improperly sharing directed brokerage commissions from a mutual fund company with a former Securities America broker. In September 2008, the company volunteered to pay as much as $33 million to cover investor losses in the Reserve Primary Fund. On July 10, 2009, the company agreed to pay $17.3 million after the Securities and Exchange Commission (SEC) announced an enforcement action against the company for receiving millions of dollars in undisclosed revenue sharing as a condition for selling certain real estate investment trusts (REITs) to its brokerage customers before the spinoff from American Express. On April 15, 2011, Securities America, Inc. (SAI) and its holding company, Securities America Financial Corporation, entered into settlement agreements related to the sale of private placement securities issued by Medical Capital and Provident Royalties that resulted in a $118 million pre-tax charge in the first quarter of 2011. The charge is in addition to a $40 million pre-tax charge in the fourth quarter of 2010. In April 2008, the company agreed to pay New Hampshire $3.8 million to settle allegations that its Portsmouth agents forged clients’ signatures