Here Come the Lawyers

摘要

When leaders of the $7.5 trillion mutual fund industry gathered in Washington for their annual powwow late last month, their strategy for dealing with revelations that they've been ripping off small investors was clear: act contrite, portray reform as misguided and go back to business as usual. If it were only that easy. Yes, 7 of the 25 largest fund firms, including Strong Financial and Bank of America's Nations funds, have agreed to pay the Securities & Exchange Corn-mission and other regulators $1.3 billion in fines and restitution to settle the claims.