BigClassActions.com
Advertisement

AXA Rosenberg Settles Civil Fraud Investigation for $242M

- by

Orinda, CA: AXA Rosenberg has announced that the review process initiated by its Board of Directors regarding the coding error that AXA Rosenberg had discovered in its quantitative investment process is fully complete. The firm reached a settlement with the U.S. Securities and Exchange Commission (SEC) related to this matter.

Compensation payments to adversely affected clients as calculated by Cornerstone will be made. The aggregate compensation amount is approximately $217 million. AXA Rosenberg agreed to pay a civil penalty of $25 million, and to certain other terms related to ongoing internal oversight, recordkeeping, periodic policy reviews and the retention of an independent compliance consultant. The administrative order reflecting the details of the SEC settlement is available at www.sec.gov.

"We deeply regret that the coding error adversely impacted many of our clients," said Dominique Carrel-Billiard, Chairman of the Board of AXA Rosenberg. "The exhaustive review that we undertook of this matter reflects our commitment to regaining our client's confidence and restoring trust."

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form on the right.

Add Your Comment on This Issue

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Request Legal Help