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Spitzer Subpoenas Morningstar

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NU Online News Service, Dec. 16, 2004, 6:30 p.m. EST

An affiliate of a company that rates mutual funds is getting extra regulatory scrutiny.[@@]

New York Attorney General Eliot Spitzer has added Morningstar Associates L.L.C. to his subpoena mailing list.

Morningstar Inc., Chicago, the fund rating company, formed Morningstar Associates to sell fund advice services designed for retirement plan sponsors and members.

Morningstar says the advisory unit has received a subpoena from Spitzer’s office.

“While the request is very broad, it specifically asks for information about the investment consulting services we offer to retirement plan providers, including fund lineup recommendations for retirement plan sponsors.” Morningstar Chairman Joe Mansueto says in a statement about the subpoena. “We will cooperate fully with Spitzer’s office and work diligently to provide his staff with information that will assist them with their investigation.”