Dec. 8, 2003 — Sun Life Financial Inc. (SLF) announced that the Boston office of the Securities and Exchange Commission intends to recommend to the SEC that an enforcement action be taken against Sun Life’s subsidiary, Massachusetts Financial Services Co..
Sun Life stated that the action will allege, in effect, that the disclosure in certain of MFS’ fund prospectuses concerning market timing was false and misleading, and in breach of fiduciary duty.
Sun Life stated that the SEC notice contains no allegations that any MFS employee was knowingly involved in either late trading or inappropriate personal trading in MFS funds.
Sun Life added that MFS is cooperating fully with the SEC.
Based in Boston, MFS is the 11th largest mutual fund company in the U.S. and is 93% owned by Sun Life.