NY Life Unit To Cough Up $6.2M Over Fund Fees

Law360, New York (May 28, 2009, 12:00 AM EDT) -- New York Life Investment Management LLC has agreed to pay about $6.2 million to settle allegations by the U.S. Securities and Exchange Commission that it failed to provide a mutual fund with adequate information about steep management fees that the investment adviser subsequently mischaracterized in regulatory filings.

Anticipating an administrative proceeding by the regulator, NYLIM submitted a settlement offer to put to rest claims that it willfully and repeatedly violated investment laws in connection with the renewal of advisory contracts for a mutual fund, the SEC...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.