September 25, 2003
The independent trustees of Bank of America’s Nations Funds (mutual funds) retain Willkie to conduct an independent investigation into the “market timing” and “late day” trading practices that have been the subject of recent allegations by numerous regulatory authorities, including the SEC and the New York Attorney General.
It has been widely reported, including in The New York Times, that the independent trustees of Bank of America’s Nations Funds (mutual funds) retained Willkie Farr & Gallagher LLP to conduct an independent investigation into the “market timing” and “late day” trading practices that have been the subject of recent allegations by numerous regulatory authorities, including the SEC and the New York Attorney General. Willkie partner Burton Leibert told Bloomberg News that the investigation is intended to determine “what occurred and who was involved in those activities and then to determine whether harm was done to shareholders of the funds.” Partner Tariq Mundiya stated to The American Banker that the firm will be assisted by accounting firm Deloitte & Touche to help calculate any financial losses that fund shareholders may have incurred. The independent investigation is also expected to yield recommendations for policies and procedures to minimize the risk of sales practices that are disadvantageous to current shareholders. Mr. Leibert is a partner in the firm’s Corporate and Financial Services Department in New York and Mr. Mundiya is a partner in the Litigation Department, also in the New York office.
