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Rating:MFS Agrees to Settle Class-Action Suit Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 11, 2007

MFS Agrees to Settle Class-Action Suit

Reported by Marie Glancy

MFS has agreed to settle a consolidated lawsuit over market timing with investors and pension funds for an undisclosed sum, reports Bloomberg.

Both the Boston-based fund arm of Canadian insurer Sun Life Financial and Bank One, part of JPMorgan Chase, have stated in court papers their intention to resolve all pending class-action claims against them. The lead plaintiff in the consolidated suit -- presided over by U.S. District Judge J. Frederick Motz in Baltimore -- is the City of Chicago Deferred Compensation Plan.

In 2004, MFS paid $351 million to the SEC over market timing charges.  

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