Lockyer Vows To Appeal Ruling In American Funds Case

Law360, New York (February 7, 2006, 12:00 AM EST) -- California Attorney General Bill Lockyer, pushing on in his crusade against American Funds Distributors Inc., has said he will appeal a ruling that denied him the authority to take action against the fund over payments made to broker-dealers that were not disclosed to shareholders.

In November, a state court judge ruled that Lockyer doesn’t have the right to regulate what mutual fund companies tell their shareholders, crushing Lockyer's legal onslaught against the $8-trillion industry over its disclosure practices.

In his ruling, Los Angeles Superior Court Judge...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.