Financial Services Industry
Industry: Email Alert RSS FeedRevenue sharing OK if it's disclosed, SEC tells court.
Investment News, February, 2000 by Hansard, Sara
The Securities and Exchange Commission has weighed in on a long festering class action suit involving several brokerage houses over whether payments to brokers constituted kickbacks. The question is how money market mutual funds pay brokers to invest client money in their portfolios when they create sweep accounts, and how the client should be informed about payments between two.
The agency dealt a blow to the case of individual investors who are suing Quick & Reilly Inc., Bear Stearns & Co., Pershing Division of Donaldson Lufkin Jenrette Securities and FMR Corp.'s National Financial Services Corp. In a brief requested by the Second U.S. Circuit Court of Appeals in New York, the SEC wrote that brokers need only disclose the payments they get...
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