MFS, JPMorgan Settle Market Timing Class Actions

Law360, New York (May 14, 2007, 12:00 AM EDT) -- MFS Investment Management and JPMorgan Chase & Co. have settled separate proposed class actions regarding alleged market timing and late trading schemes.

The financial institutions were among hundreds of mutual fund managers who faced proposed class actions regarding the timing of trades following an investigation by former New York Attorney General Eliot Spitzer. Dozens of the cases, including those involving MFS and JPMorgan, were consolidated to the U.S. District Court for the District of Maryland.

Terms of the settlements, which have not yet been submitted for...
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