A securities-industry arbitration panel has awarded $22 million to a group of Exxon Mobil Corp. retirees who accused brokerage firm Securities America Inc. of improperly steering them into high-risk investments between 1996 and mid-2003.

The three-member panel of the National Association of Securities Dealers, the brokerage industry’s self-policing organization, made the award Monday against Securities America, a subsidiary of Ameriprise Financial Inc.