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 |
|
Monday, September 14, 2009 Value Line Offers to Shell Out $48 Million and Switch Chiefs Value Line, Inc., is preparing to pay out a $48 million settlement to mutual-fund investors and swap its upper management, the Wall Street Journal reported Monday. The publisher of the Value Line Investment Survey also manages 14 mutual funds, which held $2.3 billion in assets as of April 30. The settlement offer is in response to an SEC finding that Value Line's brokerage unit overcharged for commissions paid by its mutual funds in the period between 1986 and 2004. If the SEC approves the settlement, chief executive officer Jean Bernhard Buttner and former chief compliance officer David Henigson would face several sanctions limiting their roles in public companies and investment advisors. Howard Brecher, currently chief legal officer, would replace Buttner as CEO. “The settlement offer seeks to avoid costly and protracted litigation,” a company statement reads. Printed from: MFWire.com/story.asp?s=22587 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |