Portfolio

TD Ameritrade announced Wednesday that it will kick in an additional $50 million to support investors in Reserve Funds’ Primary Fund, whose net asset value fell to 97 cents.

The Securities and Exchange Commission issued an enforcement action Tuesday against AmSouth Bank and AmSouth Asset Management for defrauding the AmSouth mutual funds by using a portion of administrative fees that shareholders paid for marketing and other unrelated expenses that should have been paid out of the investment advisor’s coffers. Those expenses included the salary, bonus, benefits and country club membership of the president of the AmSouth Funds.

Minnesota U.S. District Court Judge Paul Magnuson has decided to expedite Ameriprise Financial’s lawsuit against Reserve Funds’ Primary Fund. The court will fast-track the discovery of documents and other supporting information.

The Securities and Exchange Commission is planning its next CCOutreach seminar for Nov. 13 at its Washington headquarters.

The Federal Reserve has moved to ease bank ownership thresholds, allowing private equity firms to acquire larger-sized stakes in banking companies along with board representation.

Sallie Krawcheck, the chief executive officer and chairman of Citi Global Wealth Management, is set to leave the firm, according to a statement from Citigroup, the parent company.

The labor supply may experience shortages in coming years as more Baby Boomers retire, according to a study by KPMG.

FRC Founder Bathon Forms New Company

Former Prudential Broker Pleads Guilty to Timing

Shareholders filed a lawsuit in U.S. District Court in Manhattan against Reserve Funds' Primary Fund for halting redemption of holdings of $10,000 or more on Tuesday due to the fund falling to 97 cents on the dollar.