According to a news release, the remainder of the Fair Fund, approximately $5.7 million, including earned interest, is scheduled to be distributed next month.
In 2004, the SEC brought settled administrative and cease-and-desist proceedings charging Franklin with improperly allowing market timing in mutual funds it managed from 1996 to 2001 (see Franklin Settles Market Timing Allegations ). The SEC’s order required Franklin to pay a total of $50 million in disgorgement and penalties and undertake certain compliance reforms. Franklin consented to the order without admitting or denying the findings, the news release said.
The Fair Fund Administrator responsible for distribution is Boston Financial Data Services, Inc. (BFDS). Investor questions regarding the distribution may be directed to BFDS at (866) 700-0131.
Information regarding the distribution can also be obtained at the Franklin-Templeton Web site: http://www.franklintempleton.com/retail/jsp_cm/home/MF_trading_practices.jsp .