Fund Adviser Mans Up And Pays Out

Being honest with your shareholders is an important facet of being an investor owned entity.

T. Rowe Price manned up by admitting their clerical error and paying out ~$194 million.

TRP, a large mutual fund manager, was against the going-private transaction of computer seller Dell and voiced its opinion, but their back office mistakenly voted for the deal.

When a Delaware court determined that the deal was undervalued by 28%, TRP decided to make good with its investors and paid the difference in value of $0.14 per share to its Equity Income holders and $0.42 per share to its Science & Technology holders on June 6, 2016.

http://www.baltimoresun.com/business/money/bs-bz-t-rowe-settlement-20160701-story.html

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About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in Banking, Congress, discrepancies, fraud, Investments, Jobs, Legislative Intent, review, SEC, technology and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

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