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Rating:Sun Life Prepping For MFS Settlement Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, January 30, 2004

Sun Life Prepping For MFS Settlement

by: Nicole Halsey

Sun Life Financial Inc. has reportedly set aside $211 million (Canadian) in the fourth quarter anticipating a settlement with U.S. regulators probing its Massachusetts Financial Services mutual fund unit, lowering its net profit down 34%, Dow Jones reports.

But the firm's CEO Donald Stewart said yesterday during a conference call that the Canadian insurance company has not yet reached an agreement with regulators, adding that MFS "did not participate in any scheme to permit late trading," nor did any of the company's officers participate.

Further details were not provided, but Stewart said Sun Life was cooperating with investigators.  

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