Along with a laundry list of fund companies that have come under fire from federal and state regulators,
"The key underlying issues in the West Virginia complaint are duplicative of earlier filed actions and have been resolved,'' said a Janus spokesperson. "Janus intends to contest this filing vigorously."
However, Fran Hughes, chief deputy attorney general in
"A lot of times we feel that SEC enforcement doesn't really fully compensate the states for their losses," Hughes said. He asserted that the state does have the right to go after companies for violations of
However, even if McGraw's suit is successful, it may not fatten local investors' wallets by much, said Jake Zamansky, securities fraud attorney at
"While the action is probably warranted by the attorney general, the ordinary investor will not be getting much in the way of compensation, probably just enough to buy a hamburger at McDonald's or a cup of coffee at Starbucks,'' Zamansky said. "The mom-and-pop investors are going to get nothing out of this."
The other firms named in the suit include:
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.