Morningstar is taking steps to refine procedures used to collect fund data on the heels of a Securities and Exchange Commission investigation to determine whether the company should face charges for failing to correct false information regarding a mutual fund on its Web site.

In a letter sent to customers Friday, Morningstar Chairman Joseph Mansueto said, "To prevent a similar problem, and as part of our ongoing effort to continually improve our processes, [we are] increasing our communication efforts and centralizing lines of reporting for data questions or errors; augmenting the stringent rule we already have in place; and improving our data-analyst training."

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