SEC Announces Robertson Stephens' $30M Fair Fund Distribution

The Securities and Exchange Commission has announced the distribution of $30.6 million to more than 250,000 investors affected by market timing by RS Investments.

The SEC reached a settlement in 2004 with the San Francisco-based mutual fund firm and two of its executives, G. Randall Hecht and Steven M. Cohen.

The Fair Fund distribution includes $25 million in disgorgement and penalties paid by RS Investment Management Inc., and RS Investment Management L.P., as well as $3.3 million in disgorgement and penalties from Banc of America Capital Management LLC, BACAP Distributors LLC, and Banc of America Securities LLC.

"This distribution demonstrates the SEC's continued commitment to returning funds to investors affected by market timing misconduct," said Linda Chatman Thomsen, director of the SEC's enforcement division.