(Adds William Blair's comment)
May 2 William Blair & Company has agreed to pay $4.5 million to settle charges of payment errors and disclosure failure, the U.S. Securities and Exchange Commission said on Monday.
William Blair settled charges that it used its funds assets to pay brokers instead of using its own assets or having a written plan allowing it to pay the brokers with fund assets. (bit.ly/2oRbBqg)
The payment errors cost the funds approximately $1.25 million, which William Blair has since paid back to the funds plus interest, according to the SEC.
William Blair said in a statement, "When the firm became aware of the errors, we promptly reimbursed the funds with interest, confirmed that no shareholders were harmed and cooperated fully with the SEC throughout the entire process."
The SEC order also found that the Chicago-based company failed to disclose to its board that it was retaining a fee from investors. (bit.ly/2p2KRzj) (Reporting by Parikshit Mishra in Bengaluru; Editing by Lisa Shumaker)
Fairfax Financial to sell 12.2 pct of Indian insurer ICICI Lombard
MUMBAI, May 27 Canada's Fairfax Financial Holdings plans to sell a 12.2 percent stake in its Indian joint venture insurer ICICI Lombard in a deal that will value the company at 203 billion rupees ($3.15 billion), the Indian company said on Saturday.