West Virginia has joined the growing regulator bandwagon, Reuters reports, citing SEC filings.
The state has subpoenaed the trading records of Strong Capital Management and Morgan Stanley. "Were looking at investigating the mutual fund situation, and if we determine that there has been a violation of the law, we will seek remedies for West Virginia citizens," Frances Hughes, chief deputy to W. Va. Attorney General Darrell McGraw, told Reuters.
California, New Hampshire, New York, Colorado and Wisconsin are among other states investigating mutual fund companies.
Morgan Stanley, meanwhile, has also received requests for information from a number of international regulators.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.