MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, June 2, 2009 AIM Investors Will Receive Fair Funds Distribution On Monday, the SEC unveiled plans to distribute over $78 million to AIM investors harmed by undisclosed market timing. This distribution will be paid out to over 590,000 investors. The funding for this payment will come from three sources. AIM Advisors & Distributors have agreed to pay $50 million to the Fair Fund; this $50 million is comprised of $30 million in civil penalties and $20 million in disgorgement. Banc of America Capital Management LLC, BACAP Distributors LLC, and Banc of America Securities LLC Fair Fund will pay $11 million. Additionally, Bear, Stearns & Co., Inc. and Bear, Stearns Securities Corp. Fair Fund will pay $12.4 million. Boston Financial Data Services, Inc. is the Fair Fund administrator in charge of this distribution. Fair Funds have previously been distributed to investors in Putnam (see MFWire 8/18/08), Franklin (see MFWire 9/24/08), and Ameriprise (see MFWire 9/26/08). Printed from: MFWire.com/story.asp?s=21680 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |