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Violation Tracker Individual Record

Company: Massachusetts Financial Services Co.
Current Parent CompanySun Life Financial
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $350,000,000
Year: 2004
Date: February 5, 2004
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: securities issuance or trading violation
Violation Description: To resolve market timing allegations brought by the New York Attorney General, MFS agreed to pay $175 million in restitution to injured investors, cut its management fees by an estimated $125 million over the next five years and pay a penalty of $50 million.
Level of Government: state
Action Type: agency action
Agency: New York Attorney General
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: life insurance
Source of Data(click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.