The settlement includes $175 million in retribution to investors for their losses, $50 million in fines and $125 million in reduced fees over the next five years, sources told Reuters.
The
Massachusetts and New York regulators will also join the SEC in the settlement, according to the report. Last week, it was confirmed that Ballen had hired a leading securities fraud lawyer, John Falvey, a partner at
MFS spokesman John Reilly declined to comment on the pending settlement for Reuters Thursday.
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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.