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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