MFS has hired a law expert and an auditing expert to help the firm dole out cash from its $400 million dual settlements with regulators. John Coates
, a Harvard law professor, will serve as an independent distribution consultant and Peter Drotch
, a retired PricewaterhouseCoopers consultant, will serve as an independent compliance consultant.
Coates has been a professor at Harvard Law since 2001 and an assistant professor there from 1997. Prior to that, Coates was a partner at Wachtell, Lipton, Rosen & Katz.
Drotch, who worked at PWC for more than 25 years, is also trustee and audit committee member of State Street Research funds.
MFS settled regulators' market timing allegations in February for $350 million. Separate directed brokerage allegations were settled for $50 million in March.
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