The Securities and Exchange Commission has dropped its investigation of Morningstar in connection with incorrect data about fund returns published by the Chicago-based mutual fund research company, Morningstar indicated Wednesday.
The investigation, launched in May 2004, centered on incorrect total return data for the $13 million Utah-based Rock Canyon Flight Fund published earlier that year.
Morningstar cited an error in communication from a transfer agent as the cause of the clip-up at the time. Morningstar took steps to correct the error quickly, once it was discovered.
"Obviously we're pleased with the SEC's decision, and are happy to put this matter behind us," said Joe Mansueto, chairman, chief executive and founder of Morningstar.