A U.S. appeals court found on Friday that the U.S. Securities and Exchange Commission made procedural errors in handling a rule requiring more independence among mutual fund directors and said it will be struck down if the agency does not reconsider within 90 days.Can there be any doubt but that this is More of the Same Old Partisan Persecutions of Christians by the Radical Left Wing Anti-War Crowd?
The rule was adopted by the SEC in 2004 amid scandals in the $9.2-trillion fund industry involving improper trading of fund shares, often by hedge funds with the complicity of mutual fund managers, at the expense of average investors.
[ cf CnnMoney:SEC ordered to change mutual fund rule ]
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