Regulatory Issues
In 2004, Franklin Templeton paid fines to the State of California, the Commonwealth of Massachusetts, and the U.S. Securities and Exchange Commission to settle issues regarding questionable practices including market timing. The plan for distribution of settlement monies of $50 million was completed in September 2006, and all distributions have been completed as of December 2008.
A settlement was also completed with the Ontario Securities Commission concerning Bissett Funds in September 2005.
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“The hard truth is that what may be acceptable in elite culture may not be acceptable in mass culture, that tastes which pose only innocent ethical issues as the property of a minority become corrupting when they become more established. Taste is context, and the context has changed.”
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