Firms to Pay $125 Million to Clients Over Fee-Disclosure Practices

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Firms to Pay $125 Million to Clients Over Fee-Disclosure Practices
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Nearly 80 investment advisory firms agreed to pay settlements to clients who were steered into higher-cost mutual funds without adequate disclosure

WASHINGTON—Almost 80 investment advisory firms—including divisions of Wells Fargo & Co. and Deutsche Bank AG—agreed Monday to pay back over $125 million to clients who were steered into higher-cost mutual funds without adequate disclosure.

The Securities and Exchange Commission announced the settlements as part of an initiative that asked...

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