June 2, 2020 / 9:42 PM / a month ago

US Bancorp pays $18.4 mln to settle SEC claims it overcharged mutual fund clients

A unit of U.S. Bancorp agreed to pay $18.4 million to settle U.S. Securities and Exchange Commission civil charges it unnecessarily steered mutual fund investors into buying higher-cost shares that charged 12b-1 marketing fees.

U.S. Bancorp Investments Inc (“USBI”) did not admit or deny wrongdoing in agreeing to Monday’s settlement of an administrative proceeding accusing it of breaching its fiduciary duties to clients from Oct. 2012 to Nov. 2017.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/3061Bej

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