US - The subsidiary of Morningstar that has been subpoenaed by the New York Attorney General and the Securities and Exchange Commission for information relating to their investment consulting services to retirement plan sponsors has now received a similar request from the Department of Labor.
The DOL has issued a subpoena for information from Morningstar Associates, a registered investment adviser and subsidiary of Morningstar Inc.
“We believe the request from the Department of Labor is related to the requests we received in December 2004 from the New York Attorney General’s office and the Securities and Exchange Commission with respect to the work we offer to retirement plan providers, including fund line-up recommendations for retirement plan sponsors,” said Joe Mansueto, chairman and chief executive officer of Morningstar.
“We are fully cooperating with all three agencies and support the work they are doing to help protect the interests of investors.”
Morningstar Inc. is a provider of investment research to both the retail and institutional markets with operations in 16 countries.
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