Advisory firm held liable for breaching fiduciary duty in UIT action brought by SEC
The regulator accused the firm of 'double-dipping' by receiving both advisory fees and fees generated from products with high transactional costs.
A federal jury in Pennsylvania ruled in favor of the SEC Tuesday in the agency’s case against an investment advisory firm it said breached its fiduciary duty by charging improper transaction costs for unit investment trusts.
The Securities and Exchange Commission filed a complaint against McDer
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