The Financial Industry Regulatory Authority (FINRA) decided not to levy fines against three broker-dealers that allegedly overcharged certain mutual fund customers. The broker-dealers were required to pay significant settlements to affected customers, but FINRA passed on the penalty because of the ‘extraordinary cooperation’ of the firms.

“This is an important precedent…the self-regulatory process working as it should, where not every conceivable violation is met with a fine,” said Andrew Sidman, managing principal of Bressler’s New York office.

To read the Law360 article, please click here.


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