The Securities and Exchange Commission announced Monday that it has distributed $55.6 million to more than 200,000 investors harmed by market timing in Banc One's One Group Funds.
The funds were collected from a June 29, 2004, settlement in which Banc One Investment Advisors Corp., then a unit of Bank One Corp., agreed to pay $10 million in disgorgement and $40 million in civil penalties to settle market-timing charges. JPMorgan Chase & Co. bought Bank One Corp. on July 1, 2004.
The SEC alleged that Banc One Investment Advisors Group improperly allowed market timing in its funds from June 1999 through May 2003, failed to charge required redemption fees in its international funds, and improperly released confidential portfolio holdings.
In addition to the settlement, Banc One consented to a cease-and-desist order and a censure in 2004, and agreed to compliance and mutual fund governance reforms.
