FINRA Closes Book On $89M Mutual Fund Sweep

Law360 (July 17, 2019, 8:26 PM EDT) -- The Financial Industry Regulatory Authority announced Wednesday that it has raked in $89 million for charitable organizations and retirement savers who were overcharged for mutual fund services, rounding out a four-year crackdown on disparate broker-dealer discounts.

With two final agreements dated Tuesday, 56 firms will have settled claims that they failed to apply every available fee waiver to nearly 110,000 accounts.

FINRA said its examiners found that brokers applied the discounts in some instances, but not to retirement and charity accounts that were scheduled to pay most of their fees up front, called Class A shares. Most of the problems dated...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!