John Hancock has agreed to pay $21.2 million to
settle a revenue-sharing suit by the SEC.
The SEC alleged that between 2001 and 2004 Hancock failed to disclose the use of brokerage commissions to pay for their distributors' marketing expenses on the sale of mutual funds and variable annuities.
Hancock paid the settlement fine without admitting or denying the commission's findings.
 
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE