LAWSUITS NEWS & LEGAL INFORMATION
Bond Funds
Milwaukee, WI: (Jan-29-08) The US Securities and Exchange Commission brought charges against Heartland Advisors Inc., a Milwaukee, WI-based company, alleging that it violated the federal Securities Act. The suit claimed that from March 1, 2000, to October 2000, Heartland negligently mis-priced certain bonds owned by two high-yield municipal bond funds. SEC officials said that the funds' portfolios included several municipal bonds that were valued by the funds at prices above their fair values. They also stated that on Oct. 13, 2000, Heartland devalued the bonds, resulting in approximately $60 million in monetary losses to shareholders.
Sources close to the case stated that Heartland Advisors and several current and former executives consented to the SEC order, though they did not admit or deny the SEC's allegations. As part of a settlement reached, Heartland Advisors agreed to pay $3.9 million to resolve allegations. On Jan. 25, 2008, the SEC issued an order instituting cease-and-desist proceedings and imposing remedial sanctions and cease-and-desist actions. [MILWAUKEE BUSINESS JOURNAL: SHAREHOLDER SETTLEMENT]
Published on Jan-31-08
Sources close to the case stated that Heartland Advisors and several current and former executives consented to the SEC order, though they did not admit or deny the SEC's allegations. As part of a settlement reached, Heartland Advisors agreed to pay $3.9 million to resolve allegations. On Jan. 25, 2008, the SEC issued an order instituting cease-and-desist proceedings and imposing remedial sanctions and cease-and-desist actions. [
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