New York Attorney General Eliot Spitzer this week served Morningstar Associates with a subpoena for documents related to the mutual fund research firms consulting services for retirement plan providers, CBS MarktWatch reports.
Morningstar officials confirmed Spitzers request but declined to comment on whether the pending investigation will target other retirement plan consultants. A senior company official did concede Spitzers investigation may probe contacts with retirement plan providers and plan sponsors.
In recent years, Morningstar rolled out a service recommending mutual funds to retirement plan providers. Morningstar had a previous brush with regulators in September when the Securities and Exchange Commission investigated reports of incorrect mutual fund performance data posted on its Web site.