Investment management firm, Franklin Advisers has this week reached a $50 million settlement agreement with the US Securities and Exchange Commission (SEC) over charges that it allowed market timing activities to take place within its mutual funds, to the detriment of long-term shareholders.
According to reports, the entire settlement amount (comprising $30 million in disgorgement and $20 million in penalties) will be used to recompense investors harmed by the trading activities.
Although the firm has neither admitted nor denied wrongdoing, it has agreed to make several changes regarding the oversight of its funds.
"We are fully committed to making any necessary policy changes that will help us better serve our shareholders and clients," the firm's co-chief executive, Martin L. Flanagan confirmed to the Wall Street Journal on Tuesday.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment