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Printer-Friendly Last Updated: 8/22/07 Improper Sales of Mutual Fund Class B and C Shares

Remediation Information for Investors

This page provides information about the remediation plans that are available for certain customers of the securities firms listed below who purchased Class B and, in some cases, Class C shares of mutual funds.  

Enforcement actions were brought against these securities firms because they made recommendations to their customers to purchase Class B or, in some cases, Class C mutual fund shares without considering, on a consistent basis, that an equal investment in Class A shares would generally have been more advantageous for certain customers. In particular, the firms did not consider that large investments in Class A shares of mutual funds entitle investors to breakpoint discounts on sales charges, generally beginning at the $50,000 investment level, which are not available for investments in Class B and Class C shares.

Customers eligible for remediation:  There is nothing you need to do at this time. You will be contacted by your securities firm. 

To learn about a specific remediation plan, including eligibility, exclusion criteria and other options available to investors, please visit the following pages:

• American Express Financial Advisors
  
  
• Citigroup Global Markets
  
  
• Chase Investment Services
  
  
• Linsco/Private Ledger Corp.
  
  
• Merrill Lynch, Pierce, Fenner & Smith Incorporated 
  
  
• MML Investors Services, Inc.
  
  
• NYLIFE Securities, LLC
  
  
• Securities America, Inc.
  
  
• Wells Fargo Investments, L.L.C.