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Investment Advisor Agrees to Pay $1.27 Million to 13 Defined Benefit Pension Plans Following DOL Investigation
U.S. Department of Labor [DOL] Link to more items from this source
Aug. 23, 2012
"An investigation by [EBSA] found that the Glastonbury, Conn.-based fiduciary investment adviser made investments in mutual funds on behalf of ERISA-covered defined benefit plan clients and received 12b-1 fees from those funds.... [The firm] failed to fully disclose the receipt of the 12b-1 fees, and to use those fees for the benefit of the plans either by directly crediting the amounts to the plans or by offsetting other fees the plans would be obligated to pay the company."

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