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NASD Settles With Firms Over Mutual Funds Shares

Law360 (June 29, 2007, 12:00 AM EDT) -- The National Association of Securities Dealers has reached settlements with three firms over allegations that the firms didn't steer investors toward the best types of shares, fining the firms more than $1 million in total.

MML Investors Services Inc. faces the steepest fine, having agreed to pay $473,000 for improper Class B share sales. NYLIFE Securities LLC agreed to pay $354,000 in improper Class B share as well. Securities America Inc., meanwhile, was fined $322,000 for improper Class B and Class C share sales.

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