WASHINGTON – Testifying before the financial management subcommittee of the Senate’s Governmental Affairs Committee, intrepid New York Attorney General Eliot Spitzer vehemently defended his $600 million settlement with Alliance and the anticipated $300 million-$350 million settlement pending with MFS.

Spitzer justified making fee reductions a part of the settlements with fund companies, saying that mutual fund boards had failed miserably in their fiduciary duties to shareholders.

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