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BUSINESS
April 1, 2004 | From Bloomberg News
MFS Investment Management, which last month agreed to $351 million of sanctions for allowing improper mutual fund trading, will pay $50 million to settle regulators' allegations that it made hidden payments to brokers who promoted its funds. MFS, based in Boston, paid the brokers out of fund assets, hurting investors, the Securities and Exchange Commission said in a statement Wednesday.
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BUSINESS
January 12, 2007
* AT&T Inc.'s planned rebranding of Cingular Wireless cellphone service under the AT&T name -- not AT&T Wireless -- is slated to start next week with a multimedia ad campaign announcing what's expected to be a months-long transition. * Wal-Mart Stores Inc., responding to criticism that its benefits are inadequate, said the number of its U.S. workers who adopted its health plan grew 1 percentage point last year to 47% of its 1.3 million U.S. workers. * Canadian insurer Sun Life Financial Inc.
BUSINESS
February 4, 2004 | From Times Wire Services
Amvescap and Federated Investors Inc., two of the world's biggest money management companies, set aside a combined $50 million Tuesday to cover initial costs from the government investigations of improper mutual fund trading. European money manager Amvescap, which runs the AIM and Invesco funds, took a fourth-quarter charge of almost $30 million. Pittsburgh-based Federated said it had allocated $20 million to help reimburse investors.
BUSINESS
February 4, 2004 | From Bloomberg News
Pension managers in California, Oregon and New Mexico are reviewing their investment of $1 billion with Massachusetts Financial Services Co. as the Boston-based company, accused of allowing improper trading in its mutual funds, faces possible sanctions from U.S. regulators. The Los Angeles Water and Power Retirement Plan put MFS on its probationary "watch list," investment officer Lesley Kuo said. MFS manages about $240 million for the Los Angeles fund.
BUSINESS
January 24, 2004 | Josh Friedman and Walter Hamilton, Times Staff Writers
Massachusetts Financial Services Co., one of the nation's oldest mutual fund companies, is negotiating to settle state and federal investigations of its fund trading practices by paying a penalty in the range of $200 million and lowering its fees, people familiar with the matter said Friday. If approved under those terms, the deal would mark the second-largest financial penalty by a fund company in the 4-month-old industry scandal.
BUSINESS
March 12, 2004 | From Reuters
Bank of America Corp. may pay more than $250 million to settle charges that it hurt ordinary investors by helping favored clients trade mutual funds improperly or illegally, a person familiar with the matter said Thursday. The No. 3 U.S. bank, which is based in Charlotte, N.C., would join Alliance Capital Management Holding, MFS Investment Management and others in settling with regulators probing abuses in the $7.5-trillion mutual fund industry.
BUSINESS
December 9, 2003 | From Bloomberg News
The mutual fund scandal may soon taint the oldest U.S. fund company of all. Massachusetts Financial Services, the U.S. mutual fund unit of Canada's Sun Life Financial Inc., has been notified by the Securities and Exchange Commission that it may face enforcement action for misleading investors about the firm's tolerance for market timing, Sun Life said Monday.
BUSINESS
February 6, 2004 | Josh Friedman, Times Staff Writer
For the first time in their five-month crackdown on mutual funds, regulators Thursday forced changes in an executive suite as industry pioneer Massachusetts Financial Services Inc.'s two top officers accepted suspensions and the firm agreed to $350 million in penalties and fee cuts to settle charges of widespread market timing. MFS Chief Executive John W. Ballen and Kevin R.
BUSINESS
September 29, 2003 | From Reuters
Manulife Financial Corp., Canada's third-largest insurer, said Sunday that it agreed to buy U.S. life insurer John Hancock Financial Services Inc. for about $10.8 billion, expanding Manulife's operations in the United States. The stock swap deal, the largest corporate transaction in the U.S. so far this year, would vault Manulife back into the top spot among Canadian insurers and make it the second-largest insurer in North America and No. 5 in the world.
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