AMMB Unit Settles SEC Advisory Fee Suit For $1.6M

Law360, New York (June 26, 2012, 7:27 PM EDT) -- A subsidiary of AMMB Holdings Berhad, one of Malaysia's largest banks, agreed to pay $1.6 million on Tuesday to settle a U.S. Securities and Exchange Commission suit accusing the company of, along with Morgan Stanley, repeatedly charging an investment fund for advisory services it did not provide.

AMMB Consultant Sendirian Berhdad neither admitted nor denied the claims in an SEC suit filed in Washington federal court Tuesday accusing it of breaching its fiduciary duty by charging the Malaysia Fund, which invests in equity securities of Malaysian...
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