On July 17, the Financial Industry Regulatory Authority (FINRA) announced settlement arrangements with 56 member firms that failed to (i) waive mutual fund sales charges for eligible accounts and (ii) reasonably supervise the sale of mutual funds offering sales charge waivers. As part of the settlement, the member firms agreed to pay $89 million in restitution to nearly 110,000 charitable and retirement accounts that were eligible for, but did not receive, the sales charge waivers.

The announcement is available here.