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Monday, November 22, 2004

Franklin Admits Wrongdoing

by: Theresa Sim

Most fund firms have settled trading abuse allegations "without admitting or denying wrongdoing." That wasn't good enough for Secretary of the Commonwealth of Massachusetts William Galvin.

Galvin demanded that Franklin Resources admit wrongdoing in a previously announced settlement regarding a single instance of market timing. Galvin then accused the firm of not complying with the September order by not admitting its wrongdoing. According to an SEC filing, the dispute has been settled and that the firm has now "admitted to the Division's Statement of Facts," officials stated in a filing. 

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