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Rating:Value Line Offers to Shell Out $48 Million and Switch Chiefs Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 14, 2009

Value Line Offers to Shell Out $48 Million and Switch Chiefs

News summary by MFWire's editors

Value Line, Inc., is preparing to pay out a $48 million settlement to mutual-fund investors and swap its upper management, the Wall Street Journal reported Monday.

The publisher of the Value Line Investment Survey also manages 14 mutual funds, which held $2.3 billion in assets as of April 30.

The settlement offer is in response to an SEC finding that Value Line's brokerage unit overcharged for commissions paid by its mutual funds in the period between 1986 and 2004.

If the SEC approves the settlement, chief executive officer Jean Bernhard Buttner and former chief compliance officer David Henigson would face several sanctions limiting their roles in public companies and investment advisors. Howard Brecher, currently chief legal officer, would replace Buttner as CEO.

“The settlement offer seeks to avoid costly and protracted litigation,” a company statement reads. 

Edited by: Adam Kommel

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