Financial Services Industry
Industry: Email Alert RSS FeedSEC action is lacking.(Editorial)(Brief Article)
Pensions & Investments, August, 2003
Where is the SEC in the case of Advanced Investment Management Inc. and its principals? Clients could receive only 3.5 cents on the dollar in a proposed settlement of a suit against the firm. After their portfolios were wiped out, some clients alleged the firm's portfolio managers violated investment policy guidelines.
The proposed settlement could return $942,000 of a $128.7 million investment by the the $1.4 billion Minneapolis Employees' Retirement Fund. Among other former clients named, Dow Chemical Co. could receive $1.8 million from an initial investment of $248.6 million. Advanced Investment shut down last fall. The SEC has taken no action regarding the firm or any of its principals. No information was available on whether the SEC is investigating...
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