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Commonwealth Still Fighting $111.5M SEC Suit Over Mutual Fund Fees
News March 08, 2024 at 02:18 PM
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What You Need To Know
- The lawsuit dates back to the SEC's 2019 crackdown on firms' widespread failures to disclose 12b-1 fees and other revenue-sharing arrangements.
- The SEC sued Commonwealth for failing to disclose that it was pushing share classes on which it collected revenue-sharing payments while cheaper share classes were avaiable.
- Commonwealth argues that failures on the SEC's part, and an alternate theory of damages, call for a smaller fine.
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