Welcome to the Information Website for the BISYS Fund Services SEC Settlement.

 

  

A Fair Fund (the “BISYS Fair Fund”) was established pursuant to a settlement (the “Settlement”) between the U.S. Securities and Exchange Commission (the “Commission”) and BISYS Fund Services, Inc. (“BISYS”), now known as Citi Fund Services, Inc.  The Fair Fund has been authorized by the Commission, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002. 
 
On September 26, 2006, BISYS and the Commission entered into the Settlement with respect to findings by the Commission that certain arrangements between BISYS, acting as mutual fund administrator, and certain mutual fund advisers, were improper.  The Settlement requires, among other things, a distribution of settlement monies from the BISYS Fair Fund to benefit the Mutual Funds within the affected fund families (for the benefit of their shareholders) that were the subject of the Settlement.  Pursuant to the Settlement, BISYS has paid into the BISYS Fair Fund a total of approximately $21.4 million, of which $10 million represents a civil penalty and approximately $11.4 million represents disgorgement and interest.  
 
The distribution of the BISYS Fair Fund will be made pursuant to a Fair Fund Distribution Plan (the “Distribution Plan”) that has been reviewed and approved by the Commission.