The Securities and Exchange Commission is about to issue its first guidance on how mutual fund companies caught up in the trading scandal can calculate the $2.5 billion due to shareholders through reimbursements, and investors can expect the first checks to be mailed before the end of the year, a SEC spokesman tells MarketWatch.

But meanwhile, the Commission is still sorting through comments on three different reimbursement proposals by Bank One, Pilgrim Baxter and Columbia Funds.  The two biggest problems continue to be finding investors in omnibus accounts and tracking down trades they placed years ago. As a result, not everyone is optimistic that the calculations will be accurate.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.