Settlements and Verdicts

Evergreen Settles Securities Allegations for $40 Million

Evergreen Investment Management Co. and an affiliate have agreed to pay $40 million to settle allegations of securities-law violations. The settlement will be distributed to Ultra Fund shareholders.

The Securities and Exchange Commission had accused the companies of overstating the value of a mutual fund that invested primarily in mortgage-backed securities, and then only selectively telling shareholders about the fund’s valuation problems.

The SEC’s enforcement action against Evergreen and its distributor, Evergreen Investment Services Inc., discovered that the value of the Evergreen Ultra Short Opportunities Fund, which was consistently ranked as a high performer in its class in 2007 and 2008, was inflated by as much as 17 percent due to Evergreen’s alleged valuation practices. Evergreen liquidated the fund in June 2008.

Evergreen is the brand name under which Charlotte-based Wachovia Corp. conducts its investment-management business. Evergreen neither admits nor denies the allegations.

JUN-08-09: Evergreen, a Wachovia unit, to pay $40M settlement [BIZJOURNALS: EVERGREEN SECURITIES SETTLEMENT]

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