The independent directors of the Yacktman funds have asked the SEC to intervene in their fight with Donald Yacktman. The directors contend that Yacktman and his money management firm have made "thinly veiled threats" to try to control the independent directors. In addition, the directors allege that employees at Yacktman's firm have engaged in improper practices, including unspecified violations of the funds' code of ethics.

The directors -- Jon D. Carlson, Stanislaw Maliszewski, Thomas R. Hanson and Stephen E. Upton -- asked SEC Chairman Arthur Levitt in a letter dated Sept. 25 to take whatever steps necessary to prevent the alleged coercion of the directors "from exerting an undue chilling effect over not only the (Yacktman funds' independent directors), but (independent) directors to investment companies throughout the industry."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.