(Reuters) – Calvert Investments said on Tuesday it overstated the value of some of its mutual funds for several years and agreed to settle the case with the U.S. Securities and Exchange Commission.
Calvert said it would pay a $3.9 million civil penalty and reimburse affected shareholders as part of the settlement.
Between March 18, 2008 and Oct. 18, 2011, Calvert misvalued bonds that caused funds to have the wrong net asset value. As a result, performance figures were incorrect and Calvert collected inflated management fees, the company said in a statement.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source : All News