MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, January 4, 2006 PWC Settles Heartland Suit PricewaterhouseCoopers LLP has agreed to fork over $8.25 million to settle a class-action suit related to its audit of two collapsed mutual funds that were managed by Heartland Adivsors Inc., The Associated Press reported. PricewaterhouseCoopers was Heartland’s accounting firm at the time when the Milwaukee-based investment adviser dropped the value of the two funds in 2000. The Securities and Exchange Commission has pegged the loss to shareholders at around $80 million. "Given the uncertain outcome of litigation we made a business decision to settle the case for a fraction of the original claim without admitting any liability," Pricewaterhouse spokesman Steven Silber was quoted in the report as saying. The settlement is not expected to be approved by U.S. District Judge J.P. Stadtmueller until April. Heartland has settled the suit for $14 million, while a firm that provided prices for some of the funds’ bonds shelled out $1 million. Printed from: MFWire.com/story.asp?s=11075 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |