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Financial Firm News: Includes Lincoln Investment Planning, Grenda Group, and Massachusetts Financial Services Company
Lincoln Investment Planning to Pay Clients For Not Giving Discounts on Mutual Fund Shares
FINRA is ordering broker-dealer Lincoln Investment Planning to pay $1.37M to clients to whom it did not give the discounts they were entitled to when they purchased mutual fund A shares between 1/2011 and 6/2018.
The self-regulatory organization contends that the firm placed certain charitable organizations and retirement plan customers at a disadvantage by charging them a front-end sales charge even when they qualified to not pay the fees.