The case against
MFS, the nations 11 th largest mutual fund firm, discovered that investors made these improper trades through 10 different broker dealers, including Security Brokerage, the clearing arm of
MFS executives apparently maintain that they were unaware of any illegal activity on its trading floors and feel they were victimized by those who engaged in late trading in its funds. The Boston-based firm plans to take legal action against those trading behind the bell, the Journals sources said.
The $100 million allegedly swiped from investors is believed to be equal to the profits taken by late traders in MFS funds.
The news couldnt come at a worse time for MFS, which is in the final stages of settlement talks over improper market timing trades with the
