Tuesday, July 03, 2007

SECs awards payouts to Columbia Fund investors

The SEC today awarded payouts to investors in Columbia Funds who were damaged by their market timing and fradulent practices between 1998 and 2003.

From this article:

More than 600,000 investors damaged as a result of fraudulent "market timing" in the Columbia Funds will be collecting a total of $140 million from a distribution fund set up by regulators, the Securities and Exchange Commission said Monday.
The first distribution will be in the amount of $37 million and go to more than 300,000 investors harmed due to market timing between 1998 and 2003, the SEC said.

At the time of the fraud, Columbia Funds was owned by FleetBoston, subsequently taken over by Bank of America.

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