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

Law360 (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...
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