Tag: Fair Funds

SEC to Distribute $78 Million in AIM Settlements

The SEC announced today the Fair Fund distribution of more than $78 million to more than 590,000 investors who were affected by undisclosed market timing in certain AIM mutual funds. The agency stated that the distribution is the result of a prior SEC enforcement action against AIM Advisors, Inc., which advised the funds, and AIM Distributors, Inc. (ADI), which distributed…

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Court Approves Distribution of $843 Million to AIG Investors from SEC Fair Fund

The SEC announced today that a federal court has approved the distribution of more than $843 million to investors in American International Group, Inc. from a Fair Fund that the SEC established after the company’s settlement of an SEC enforcement action for accounting fraud.  The court-appointed distribution agent for the AIG Fair Fund estimates that checks will be mailed to…

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SEC: Return of $321 Million to Investors Underway in Alliance Capital Settlement

The SEC announced last week that it has completed the first in a series of disbursements from a Fair Fund that will return approximately $321 million to more than two million investors in its settlement with respect to market timing in the Alliance mutual funds complex. The settlement resulted from an SEC enforcement action charging Alliance Capital Management with allowing…

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SEC Proposes Plan to Distribute $250 Million Fair Fund in Bear Stearns Market Timing Case

On December 8, the SEC gave notice of its proposed plan for the distribution of the $250 million Fair Fund in the Bear, Stearns & Co., Inc. matter relating to certain mutual fund market timing and late trading activity. The SEC proposes to distribute the Fair Fund pursuant to a distribution plan developed by Independent Distribution Consultant Francis McGovern, and…

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SEC Completes Distribution of $42 Million Ameriprise Fair Fund

The SEC continued its recent string of Fair Funds distributions on Thursday, announcing the completion of a nearly $32 million Fair Fund distribution to current and former customers of Ameriprise Financial Services, Inc. (formerly known as American Express Financial Advisors Inc.) The SEC stated that approximately 575,000 investors were affected by what it alleged were improper mutual fund practices. On…

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SEC Announces $49 Million Distribution in Franklin-Templeton Funds Settlement

Building on six other Fair Funds settlement distributions it has announced since June 2008, the SEC stated today that a Fair Fund distribution of approximately $49 million went out today to investors who were affected by improper market timing in mutual funds managed by Franklin Advisers, Inc. of the Franklin-Templeton Investments complex. The remainder of the Fair Fund, approximately $5.7…

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