Briefly
Morningstar Inc. said Tuesday that the U.S. Department of Labor had subpoenaed the financial research company for documents related to its services to retirement plan providers. Morningstar Chairman Joe Mansueto said the company believed the subpoena of Morningstar Associates, an advisor to 401(k) plans, was related to probes by New York Atty. Gen. Eliot Spitzer and the Securities and Exchange Commission. He said the firm was “fully cooperating.”
Regulators have increasingly been looking into potential conflicts of interests in the investment guidance that financial advisors give to pension plans.
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