From: David Amos <david.raymond.amos333@gmail.com>
Date: Sun, Jan 4, 2026 at 11:36 AM
Subject: YO Nate I called you from New Brunswick Canada before I made my coffee
To: <NateTheLawyer@creativesmatter.com>
STEPHEN MARTIN WALT
Harvard Kennedy School
79 John F. Kennedy St.
Cambridge, MA 02138
(617) 495-5712; (FAX) 496-8963
stephen_walt@hks.harvard.edu
Twitter: @StephenWalt
PRESENT POSITION: Robert and Renée Belfer Professor of International Affairs
John F. Kennedy School of Government
Harvard University
From: Irwin Cotler <irwincotler@rwchr.org>
Date: Tue, Jan 6, 2026 at 7:08 PM
Subject: Thank you for your email / Merci pour votre courriel Re: Nate The Lawyer called me back so his entitled know what FEDS know
To: <david.raymond.amos333@gmail.com>
Thank
you for your email. We appreciate the time and effort you've expended
to write to Professor Cotler. Due to the volume of incoming
correspondence, we cannot promise a timely response.
Thank you for your patience and understanding.
------------
Merci pour votre courriel. Nous apprécions le temps et les efforts que vous avez consacrés à écrire au professeur Cotler. En raison du volume de correspondance reçue, nous ne pouvons pas garantir une réponse rapide.
Merci pour votre patience et votre compréhension.
From: Minister of Finance / Ministre des Finances <minister-ministre@fin.gc.ca>
Date: Tue, Jan 6, 2026 at 7:09 PM
Subject: Automatic reply: Nate The Lawyer called me back so his entitled know what FEDS know
To: David Amos <david.raymond.amos333@gmail.com>
Please be assured that we appreciate receiving your comments.
Le ministère des Finances Canada accuse réception de votre courriel.
Nous vous assurons que vos commentaires sont les bienvenus.
From: Davies, Don - M.P. <don.davies@parl.gc.ca>
Date: Tue, Jan 6, 2026 at 7:52 PM
Subject: Automatic reply: Nate The Lawyer called me back so his entitled know what FEDS know
To: David Amos <david.raymond.amos333@gmail.com>
*Please do not reply to this email*
Greetings!
I acknowledge receipt of your email. Thank you for taking the time to contact me and express your views.
Our office is open Mondays, Tuesday, Thursdays, and Fridays from 10am-4pm. We are closed Wednesdays for case processing.
While I read all correspondence, the volume of email we receive means that I am not able to respond immediately to every message. Every effort will be made to reply to you as soon as possible. Please note that in most cases, anonymous, cc’d or forwarded items will be read but will not receive a response.
If the information you have sent is about a concern that you have as a constituent, please make sure that you have given your full name, address and telephone number so my office is able to assist you efficiently. If you live outside Vancouver Kingsway please contact your own Member of Parliament for assistance.
You can ensure you are contacting the correct MP by entering your postal code at this website: https://www.ourcommons.ca/
Please be assured that all email sent to this office is treated as confidential.
Should you need further assistance, please contact my office at 604-775-6263.
Sincerely,
Don Davies, MP
Vancouver Kingsway
From: Blanchet, Yves-François - Député <Yves-Francois.Blanchet@parl.gc.ca>
Date: Tue, Jan 6, 2026 at 7:52 PM
Subject: Réponse automatique : Nate The Lawyer called me back so his entitled know what FEDS know
To: David Amos <david.raymond.amos333@gmail.com>
(Ceci est une réponse automatique)
(English follows)
Bonjour,
Nous avons bien reçu votre courriel et nous vous remercions d'avoir écrit à M. Yves-François Blanchet, député de Beloeil-Chambly et chef du Bloc Québécois.
Comme nous avons un volume important de courriels, il nous est impossible de répondre à tous individuellement. Soyez assuré(e) que votre courriel recevra toute l'attention nécessaire.
Nous ne répondons pas à la correspondance contenant un langage offensant.
L'équipe du député Yves-François Blanchet
Chef du Bloc Québécois
Thank you for your email. We will read it as soon as we can.
We do not respond to correspondence that contains offensive language.
From: Poilievre, Pierre - M.P. <pierre.poilievre@parl.gc.ca>
Date: Tue, Jan 6, 2026 at 7:52 PM
Subject: Acknowledgement – Email Received / Accusé de réception – Courriel reçu
To: David Amos <david.raymond.amos333@gmail.com>
On behalf of the Hon. Pierre Poilievre, we would like to thank you for contacting the Office of the Leader of the Official Opposition.
Mr. Poilievre greatly values feedback and input from Canadians. We wish to inform you that the Office of the Leader of the Official Opposition reads and reviews every e-mail we receive. Please note that this account receives a high volume of e-mails, and we endeavour to reply as quickly as possible.
If you are a constituent of Mr. Poilievre in the riding of Battle River - Crowfoot and you have an urgent matter to discuss, please contact his constituency office at:
Phone: 1-780-608-4600
Fax: 1-780-608-4603
Hon. Pierre Poilievre, M.P.
Battle River – Crowfoot
4945 50 Street
Camrose, Alberta T4V 1P9
Once again, thank you for writing.
Sincerely,
Office of the Leader of the Official Opposition
______________________________
Au nom de l’honorable Pierre Poilievre, nous tenons à vous remercier d’avoir communiqué avec le Bureau du chef de l’Opposition officielle.
M. Poilievre accorde une grande importance aux commentaires et aux suggestions des Canadiens. Nous tenons à vous informer que le Bureau du chef de l’Opposition officielle lit et examine tous les courriels qu’il reçoit. Veuillez noter que ce compte reçoit un volume important de courriels et que nous nous efforçons d’y répondre le plus rapidement possible.
Si vous êtes un électeur de M. Poilievre dans la circonscription de Battle River - Crowfoot et que vous avez une question urgente à discuter, veuillez contacter son bureau de circonscription :
Téléphone :
Télécopieur :
L’honorable Pierre Poilievre, député
Battle River – Crowfoot
4945, 50 Street
Camrose (Alberta) T4V 1P9
Encore une fois, merci de votre message.
Veuillez agréer nos salutations distinguées,
Bureau du chef de l’Opposition officielle
From: David Amos <david.raymond.amos333@gmail.com>
Date: Tue, Jan 6, 2026 at 7:51 PM
Subject: Re: Nate The Lawyer called me back so his entitled know what FEDS know
To: <NateTheLawyer@creativesmatter.com>, <bobpozen@mit.edu>, washington field <washington.field@ic.fbi.gov>, Michael.Duheme <Michael.Duheme@rcmp-grc.gc.ca>, <ps.ministerofpublicsafety-ministredelasecuritepublique.sp@ps-sp.gc.ca>, fin.minfinance-financemin.fin <fin.minfinance-financemin.fin@canada.ca>, Frank.McKenna <Frank.McKenna@td.com>
Cc: <press@tytnetwork.com>, <team@pmu.media>, <j-mearsheimer@uchicago.edu>, <stephen_walt@hks.harvard.edu>, <dersh@law.harvard.edu>, irwincotler <irwincotler@rwchr.org>, ragingdissident <ragingdissident@protonmail.com>, pm <pm@pm.gc.ca>, Francois-Phillipe Champagne <francois-philippe.champagne@parl.gc.ca>, pierre.poilievre <pierre.poilievre@parl.gc.ca>, don.davies <don.davies@parl.gc.ca>, francis.scarpaleggia <francis.scarpaleggia@parl.gc.ca>, Yves-Francois.Blanchet <Yves-Francois.Blanchet@parl.gc.ca>
From: David Amos <david.raymond.amos333@gmail.com>
Date: Tue, Jan 6, 2026 at 7:07 PM
Subject: Nate The Lawyer called me back so his entitled know what FEDS know
To: <NateTheLawyer@creativesmatter.com>, <bobpozen@mit.edu>, washington field <washington.field@ic.fbi.gov>, Michael.Duheme <Michael.Duheme@rcmp-grc.gc.ca>, <ps.ministerofpublicsafety-ministredelasecuritepublique.sp@ps-sp.gc.ca>, fin.minfinance-financemin.fin <fin.minfinance-financemin.fin@canada.ca>, Frank.McKenna <Frank.McKenna@td.com>
Cc: <press@tytnetwork.com>, <team@pmu.media>, <j-mearsheimer@uchicago.edu>, <stephen_walt@hks.harvard.edu>, <dersh@law.harvard.edu>, irwincotler <irwincotler@rwchr.org>
Sunday, 4 January 2026
From: David Amos <david.raymond.amos333@gmail.
Date: Tue, Dec 23, 2025 at 2:35 PM
Subject: Fwd: YO Christopher Perry here is some of what you did not wish to know
To: <Kathryne.Janz@yukon.ca>
From: Fred.Pretorius <Fred.Pretorius@yukon.ca>
Date: Tue, Dec 23, 2025 at 11:28 AM
Subject: Automatic reply: YO Christopher Perry here is some of what you did not wish to know
To: David Amos <david.raymond.amos333@gmail.
I am currently out of the office, returning on December 29, 2025. This mailbox will not be monitored during my absence.
If you require immediate assistance, please contact Kathryne Janz. She can be reached at:
Phone: (867) 455-2977 or
Email: Kathryne.Janz@yukon.ca
Regards
Fred.
From: David Amos <david.raymond.amos333@gmail.
Date: Tue, Dec 23, 2025 at 11:21 AM
Subject: Fwd: YO Christopher Perry here is some of what you did not wish to know
To: pm <pm@pm.gc.ca>, Michael.Duheme <Michael.Duheme@rcmp-grc.gc.ca
Cc: rob.moore <rob.moore@parl.gc.ca>, John.Williamson <John.Williamson@parl.gc.ca>, Richard.Bragdon <Richard.Bragdon@parl.gc.ca>, <mike.dawson@parl.gc.ca>, <Chris.dEntremont@parl.gc.ca>, <clifford.small@parl.gc.ca>, <carol.anstey@parl.gc.ca>, <jonathan.rowe@parl.gc.ca>, Erik Andersen <twolabradors@shaw.ca>
From: Minister of Finance / Ministre des Finances <minister-ministre@fin.gc.ca>
Date: Tue, Dec 23, 2025 at 2:34 AM
Subject: Automatic reply: Appointment of Mark Wiseman ?
To: David Amos <david.raymond.amos333@gmail.
Please be assured that we appreciate receiving your comments.
Le ministère des Finances Canada accuse réception de votre courriel.
Nous vous assurons que vos commentaires sont les bienvenus.
From: Poilievre, Pierre - M.P. <pierre.poilievre@parl.gc.ca>
Date: Tue, Dec 23, 2025 at 2:35 AM
Subject: Acknowledgement – Email Received / Accusé de réception – Courriel reçu
To: David Amos <david.raymond.amos333@gmail.
On behalf of the Hon. Pierre Poilievre, we would like to thank you for contacting the Office of the Leader of the Official Opposition.
Mr. Poilievre greatly values feedback and input from Canadians. We wish
to inform you that the Office of the Leader of the Official Opposition
reads and reviews every e-mail we receive. Please note that this
account receives a high volume of e-mails, and
we endeavour to reply as quickly as possible.
If you are a constituent of Mr. Poilievre in the riding of Battle River - Crowfoot and you have an urgent matter to discuss, please contact his constituency office at:
Phone: 1-780-608-4600
Fax: 1-780-608-4603
Hon. Pierre Poilievre, M.P.
Battle River – Crowfoot
4945 50 Street
Camrose, Alberta T4V 1P9
Once again, thank you for writing.
Sincerely,
Office of the Leader of the Official Opposition
______________________________
Au nom de l’honorable Pierre Poilievre, nous tenons à vous remercier d’avoir communiqué avec le Bureau du chef de l’Opposition officielle.
M. Poilievre accorde une grande importance aux commentaires et aux
suggestions des Canadiens. Nous tenons à vous informer que le Bureau du
chef de l’Opposition officielle lit et examine tous les courriels qu’il
reçoit. Veuillez noter que ce compte reçoit un
volume important de courriels et que nous nous efforçons d’y répondre
le plus rapidement possible.
Si vous êtes un électeur de M. Poilievre dans la circonscription de Battle River - Crowfoot et que vous avez une question urgente à discuter, veuillez contacter son bureau de circonscription :
Téléphone :
Télécopieur :
L’honorable Pierre Poilievre, député
Battle River – Crowfoot
4945, 50 Street
Camrose (Alberta) T4V 1P9
Encore une fois, merci de votre message.
Veuillez agréer nos salutations distinguées,
Bureau du chef de l’Opposition officielle
From: Blanchet, Yves-François - Député <Yves-Francois.Blanchet@parl.
Date: Tue, Dec 23, 2025 at 2:35 AM
Subject: Réponse automatique : Appointment of Mark Wiseman ?
To: David Amos <david.raymond.amos333@gmail.
(Ceci est une réponse automatique)
(English follows)
Bonjour,
Nous avons bien reçu votre courriel et nous vous remercions d'avoir écrit à M. Yves-François Blanchet, député de Beloeil-Chambly et chef du Bloc Québécois.
Comme nous avons un volume important de courriels, il nous est impossible de répondre à tous individuellement. Soyez assuré(e) que votre courriel recevra toute l'attention nécessaire.
Nous ne répondons pas à la correspondance contenant un langage offensant.
L'équipe du député Yves-François Blanchet
Chef du Bloc Québécois
Thank you for your email. We will read it as soon as we can.
We do not respond to correspondence that contains offensive language.
From: May, Elizabeth - Riding 1 <Elizabeth.May.C1@parl.gc.ca>
Date: Tue, Dec 23, 2025 at 2:34 AM
Subject: Automatic reply: Appointment of Mark Wiseman ?
To: David Amos <david.raymond.amos333@gmail.
Thank you for writing my Constituency Office for Saanich-Gulf Islands. This automated response is to confirm that your message has been received and will be reviewed in a timely manner.
My constituents are my highest priority. If you are a Saanich-Gulf Islands constituent, please ensure that your email includes your full name and street address, including a postal code. You may also call my Sidney, BC office at 250-657-2000 (Mon-Fri, 10:00am-4:00pm).
My Constituency Office is non-partisan. For inquiries and comments directed to the Green Party leader, please email leader@greenparty.ca.
Given the high volume of correspondence sent to my office, I appreciate your patience as I try to respond to each one. For time-sensitive meeting or federal requests, a member of my team may be in touch on my behalf.
If
you are not a constituent, I encourage you to contact your MP's office
for assistance.You can enter your postal code here if you are unsure who
represents you:
https://www.ourcommons.ca/
Best wishes,
Elizabeth
Elizabeth May, O.C.
Member of Parliament
Saanich-Gulf Islands
Working from the traditional territory of the WSANEC People, whose historical relationships with the land continue to this day.
From: Davies, Don - M.P. <don.davies@parl.gc.ca>
Date: Tue, Dec 23, 2025 at 2:35 AM
Subject: Automatic reply: Appointment of Mark Wiseman ?
To: David Amos <david.raymond.amos333@gmail.
*Please do not reply to this email*
Greetings!
I acknowledge receipt of your email. Thank you for taking the time to contact me and express your views.
Our office is open Mondays, Tuesday, Thursdays, and Fridays from 10am-4pm. We are closed Wednesdays for case processing.
While I read all correspondence, the volume of email we receive means that I am not able to respond immediately to every message. Every effort will be made to reply to you as soon as possible. Please note that in most cases, anonymous, cc’d or forwarded items will be read but will not receive a response.
If the information you have sent is about a concern that you have as a constituent, please make sure that you have given your full name, address and telephone number so my office is able to assist you efficiently. If you live outside Vancouver Kingsway please contact your own Member of Parliament for assistance.
You can ensure you are contacting the correct MP by entering your postal code at this website: https://www.ourcommons.ca/
Please be assured that all email sent to this office is treated as confidential.
Should you need further assistance, please contact my office at 604-775-6263.
Sincerely,
Don Davies, MP
Vancouver Kingsway
From: David Amos <david.raymond.amos333@gmail.
Date: Thu, Dec 18, 2025 at 11:43 AM
Subject: Re: YO Christopher Perry here is some of what you did not wish to know
To: <droverd@gov.nl.ca>, <dougtrask@gov.nl.ca>, <PPAIM@gov.nl.ca>, <infoera@gov.nl.ca>, <finance@gov.nl.ca>
Date: Sat, Dec 13, 2025 at 6:32 PM
Subject: Automatic Reply
To: David Amos <david.raymond.amos333@gmail.
Thank you for writing to the Minister of Justice and Attorney General of Canada.
Due to the volume of correspondence addressed to the Minister, please note that there may be a delay in processing your email. Rest assured that your message will be carefully reviewed.
We do not respond to correspondence that contains offensive language.
-------------------
Merci d'avoir écrit au ministre de la Justice et procureur général du Canada.
En raison du volume de correspondance adressée au ministre, veuillez
prendre note qu'il pourrait y avoir un retard dans le traitement de
votre courriel. Nous tenons à vous assurer que votre message sera lu
avec soin.
Nous ne répondons pas à la correspondance contenant un langage offensant.
(PS/SP)" <ps.ministerofpublicsafety-
Date: Thu, 18 Jan 2024 16:17:02 +0000
Subject: Response from Public Safety Canada - LEB-001083 / Réponse de
Sécurité Publique Canada - LEB-001083
To: "david.raymond.amos333@gmail.
Unclassified | Non classifié
Dear David Amos,
This is in response to your correspondence dated July 24, 2019,
addressed to the Right Honourable Justin Trudeau, Prime Minister of Canada, concerning the New Brunswick Police Commission.
We regret to inform you that after examining your correspondence, it has been determined that the subject matter which you raise does not fall under the purview of our department and portfolio agencies. This can be brought to the attention of the Saint John, New Brunswick Police Commission.
Consequently, no response will be provided.
Thank you for taking the time to write.
Ministerial Correspondence Unit
Unclassified | Non classifié
Provincial Government Provides Its First Fall Fiscal and Economic Update
Facebook
- Finance
December 16, 2025
YEA RIGHTThe Honourable Craig Pardy, Minister of Finance, today released the new government’s first fall Fiscal and Economic Update since the October election.
In the first part of his update, Minister Pardy confirmed that the province’s fiscal situation is more challenging than what was previously forecast in Budget 2025.
The provincial deficit is now projected at $948 million, compared to the $372 million forecast in Budget 2025.
However, Minister Pardy also revealed that across multiple economic indicators, Newfoundland and Labrador’s economy is performing better than expected.
- Newfoundland and Labrador is projected to lead all provinces with 5.3 per cent real Gross Domestic Product growth in 2025.
- Employment is expected to remain on par with last year, with 245,600 people employed.
- Household income is forecast to grow by 1.9 per cent largely due to wage gains.
- Housing starts are weaker than in 2024 but remain higher than the 10-year average for the province.
- Both oil and mining production have increased, but capital investment is forecast to decline by 6.3 per cent as major project construction activity has slowed.
- Fisheries and aquaculture have performed well, despite global market conditions.
- Population growth has continued, but at a slower pace as net international migration levels were lower due to reduced federal targets.
- Inflation has slowed and interest rates are lower, down from 2.75 per cent in April to the current rate of 2.25 per cent.
- Retail sales and tourism indicators remain strong.
The 2025 Fiscal and Economic Update is available here.
Quote
“Newfoundland and Labrador’s economy has proven resilient, but our fiscal situation is more serious than we thought. Our government remains firm on its commitments to better healthcare, lower taxes, and safer communities, and will work within the current fiscal parameters to improve life in Newfoundland and Labrador – for all of us.”
Honourable Craig Pardy
Minister of Finance---------- Forwarded message ---------
From: Ted McEnroe <Ted.McEnroe@tbf.org>
Date: Tue, Dec 16, 2025 at 12:22 PM
Subject: Re: Cst Andriana Ravo of RCMP called on private number 1 hour ago
To: David Amos <david.raymond.amos333@gmail.com>
Can you be any more specific?
Ted McEnroe (he/him)
Associate Vice President,
Communications and Digital MediaThe Boston Foundation
617-338-3890 (direct)
207-233-2424 (cell)
---------- Forwarded message ---------
From: Minister of Finance / Ministre des Finances <minister-ministre@fin.gc.ca>
Date: Tue, Dec 16, 2025 at 6:44 PM
Subject: Automatic reply: YO Christopher Perry here is some of what you did not wish to know
To: David Amos <david.raymond.amos333@gmail.com>
The Department of Finance Canada acknowledges receipt of your electronic correspondence.
Please be assured that we appreciate receiving your comments.
Le ministère des Finances Canada accuse réception de votre courriel.
Nous vous assurons que vos commentaires sont les bienvenus.
---------- Original message ---------
From: David Amos <david.raymond.amos333@gmail.com>
Date: Tue, Dec 16, 2025 at 6:43 PM
Subject: YO Christopher Perry here is some of what you did not wish to know
To: <cdp7@ntrs.com>, Ted McEnroe <Ted.McEnroe@tbf.org>
Cc: fin.minfinance-financemin.fin <fin.minfinance-financemin.fin@canada.ca> Christopher PerryNorthern Trust
One International Place
Suite 1600
Boston MA 02110
617-235-1835Sunday, 6 July 2025
Where did all the hearings go???
MFS Investment Mangement
Since 1924, MFS Investment Management 1 has guided investors in the United States through every market condition on record. Today, our exclusive lineup of Sun Life MFS funds brings Canadian investors the power of their deep-rooted expertise and three driving pillars of investment success.
Media Relations Contacts
For press inquires, please contact:
Dan Flaherty (Americas), 617-954-4256, DFlaherty@mfs.com
Cherida Naughton (Europe and Asia), 44-207-429-7426, CNaughton@mfs.com
Kasia Gilewska (Europe), 44-207-429-7356, KGilewska@mfs.comFinancial Information
MFS is a majority-owned subsidiary of Sun Life Financial (SLF), based in Toronto.
Further information can be found under Investor Relations at www.sunlife.com.Investment Strategists, Portfolio Managers and Analysts
Robert Almeida, Global Investment Strategist
Erik Weisman, Chief Economist
Benoit Anne, Investment Solutions Group
Others generally available to comment on investment topics and retirement trends.
![]()
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Michael W. Roberge, CFA, is chair of MFS Investment Management® (MFS®). He helps set the strategic direction of the firm. He is the chair of the Chairman's Committee, chair of the MFS Board of Directors, and a trustee on the MFS mutual funds board. Michael became chair in 2025 after leading the firm as CEO from 2017 to 2024. In addition, he held the role of chief investment officer from 2010 through 2018. He also previously held the roles of president of MFS from 2010 through 2017 and co-CEO from 2015 through 2016. In 2006, he was appointed chief investment officer -- US Investments and co-director of Global Research. Before that, he was senior vice president and associate director of Fixed Income Research and served as portfolio manager for several MFS fixed income funds. He joined the firm in 1996 as a credit analyst in the municipal fixed income group. Before joining MFS, he was a municipal credit analyst and portfolio manager for the Colonial Group from 1995 to 1996 and a credit analyst with Moody's Investors Service from 1991 to 1994. Michael earned a Bachelor of Science degree from Bemidji State (Minn.) University in 1990 and a Master of Business Administration degree from Hofstra University in 1992. He is a Chartered Financial Analyst and a member of the CFA Society Boston. He is also the vice chair of the board of Horizons for Homeless Children, a Boston-based nonprofit organization dedicated to combatting the negative impact of homelessness on children and families.
Heidi W. Hardin is executive vice president and general counsel at MFS Investment Management® (MFS®). She leads the Legal, Compliance and Enterprise Risk Management departments and is a member of the firm's Enterprise Leadership Team and the Chairman's Committee. Heidi joined MFS in 2017 from Harris Associates, where she had been the general counsel since 2015. She spent the prior 16 years at Janus Capital Group Inc., holding multiple senior legal roles, with her last role being senior vice president and general counsel of Janus Capital Management LLC, the firm's global asset management business. Earlier in her career she was a vice president, senior legal counsel and chief compliance officer for Liberty Funds Group and a litigation associate at Beeler Schad & Diamond P.C. She began her career in the financial services industry in 1993. Heidi earned a Bachelor of Arts degree from DePauw University and a Juris Doctor degree from Chicago- Kent College of Law. She is a member of the board of directors of ICI Mutual Insurance Company and the Advisory Board of The Boston Ballet.Email Leadership@mfs.comAddress BOSTONPhone 1-800-637-8255602 322 8045Angela FaderSr Assist Analyst at MFS Investment ManagementGreater Phoenix Areahttps://www.blbglaw.com/cases-investigations/mfs- mutual-fund-litigation MFS Mutual Fund Fraud Litigation
Court: United States District Court for the District of Maryland Case Number: 04-md-15863 Class Period: 12/15/1998 - 12/08/2003 Following a hearing on May 3, 2004 in the massive mutual fund litigation, the United States District Court for the District of Maryland appointed BLB&G client the City of Chicago Deferred Compensation Plan as Lead Plaintiff in the securities fraud class action against Massachusetts Financial Services Company ("MFS"), the investment advisor to the MFS Funds, and others.
On March 1, 2006, the Court sustained the Consolidated Amended Class Action Complaint, allowing the case to move forward against certain defendants.
SUMMARY OF ALLEGATIONS:
The Complaint in this litigation alleges that MFS and certain of its senior executives were aware of, engaged in and facilitated "timing" trades in the MFS Funds: a money-making act involving short-term trading in and out of a mutual fund. The technique is designed to exploit inefficiencies in the way mutual fund companies price their shares by allowing certain customers to trade shares at distorted prices that no longer reflect the true value of the fund. As a result, those few customers permitted to engage in market timing typically reap huge profits, the cost of which are borne primarily by the long-term investors in the relevant fund.
The public filings issued by the Defendants stated that, "MFS funds do not permit market-timing or other excessive trading practices that may disrupt portfolio management strategies and may harm fund performance." In reality, however, the Defendants knew, or recklessly disregarded, the fact that trades were being timed and that these timed trades negatively and materially impacted the MFS Funds, thereby causing significant losses to investors in the MFS Funds.
On February 5, 2004, MFS agreed to entry of a cease and desist order by the Securities and Exchange Commission ("SEC") against MFS and John W. Ballen ("Ballen"), MFS's current chief executive officer, and Kevin R. Parke ("Parke"), MFS's current president and chief investment officer ("Cease and Desist Order"). Specifically, the SEC found that MFS, Ballen and Parke allowed widespread market timing trading in certain MFS Funds from at least late 1999 through October 2003, in contravention of the Funds' public disclosures. In particular, MFS explicitly informed certain select brokers in a written memo that "unrestricted" trading would be permitted in certain MFS funds (known internally at MFS as "Unrestricted Funds"), including the Massachusetts Investors Growth Stock Fund, "even if a pattern of excessive trading has been detected." Not only did MFS selectively enforce its market-timing policies, but executives at MFS facilitated the frequent trading in and out of certain MFS Funds by steering select investors to these "Unrestricted Funds." As the Cease and Desist Order confirms, as much as $2 billion in timing money flowed into MFS Funds during the Class Period.
Internal MFS documents and policies acknowledged that market timing was detrimental to long-term shareholders. In fact, as early as June 2000, an internal presentation entitled "Market Timing Wheel of Terror," warned that "[l]ong term investors are being penalized" by market timing activity. Nevertheless, the market timing activity persisted in the MFS "Unrestricted Funds." Moreover, MFS's select enforcement of its trading policies also included late trading, which alone caused well over $100 million in investor losses. And, as further alleged in the complaint, various brokers and financial institutions also participated in the market timing schemes, to the detriment of ordinary investors.
MFS's policy of allowing market-timing and steering select investors to the "Unrestricted Funds" was adopted as a means to increase profits by luring market timing assets so as to increase funds under management, and, therefore, increase fees paid to MFS for investment advisory services. These additional assets under management also resulted in an increased bonus pool from which MFS employees, including Ballen and Parke, were paid excessive compensation. During this period, none of the above detailed material information was disclosed to the members of the Class. In addition to the profits from their market timing, MFS also profited by charging ordinary investors hundreds of millions of dollars in management fees while breaching their fiduciary duties to those very same investors.
On May 20, 2010, the Court preliminarily approved proposed settlements, totaling $75,042,250, that would resolve this litigation. On October 25, 2010, the Court entered Judgments granting final approval to the settlements and entered separate Orders granting Plaintiffs' Counsel's application for an award of attorneys' fees and expenses and approving the Plan of Allocation of the settlement proceeds.
The claims administration process has concluded and the net settlement fund has been fully disbursed. This matter is considered closed.
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF MARYLAND
IN RE MUTUAL FUNDS INVESTMENT
LITIGATION
This Document Relates To:
In re MFS
04-md-15863-04
MDL 1586
Case No. 04-MD-15863
(Judge J. Frederick Motz)
BRUCE RIGGS, et al., Individually and
On Behalf of All Others Similarly Situated,
Plaintiff,
v.
MASSACHUSETTS FINANCIAL
SERVICES COMPANY, et al.
Defendants.
Case No. 04-cv-01162-JFM
CONSOLIDATED AMENDED CLASS ACTION COMPLAINT95
Dated: September 29, 2004 BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
/s/
ALAN SCHULMAN
ROBERT S. GANS
TIMOTHY A. DeLANGE
JERALD D. BIEN-WILLNER
12544 High Bluff Drive, Suite 150
San Diego, CA 92130
Tel: (858) 793-0070
Fax: (858) 793-0323
-and-
J. ERIK SANDSTEDT
JOSEPH A. FONTI
1285 Avenue of the Americas
New York, New York 10019
Tel: (212) 554-1400
Fax: (212) 554-1444
Lead Counsel
Dated: September 29, 2004 TYDINGS & ROSENBERG LLP
/s/
WILLIAM C. SAMMONS, Fed Bar No. 02366
JOHN B. ISBISTER, Fed Bar No. 00639
100 East Pratt Street, 26th Floor
Baltimore, MD 21202
Tel: (410) 752-9700
Fax: (410) 727-5460
Liaison Counsel---------- Original message ---------
From: Minister of Finance / Ministre des Finances <minister-ministre@fin.gc.ca>
Date: Mon, Jul 7, 2025 at 1:56 PM
Subject: Automatic reply: 617 954 4225 RE Robert Pozen Former executive chairman of MFS Investment Management
To: David Amos <david.raymond.amos333@gmail.com>
The Department of Finance acknowledges receipt of your electronic correspondence. Please be assured that we appreciate receiving your comments.Le ministère des Finances Canada accuse réception de votre courriel. Nous vous assurons que vos commentaires sont les bienvenus.---------- Original message ---------
From: Fraser, Sean - M.P. <Sean.Fraser@parl.gc.ca>
Date: Mon, Jul 7, 2025 at 1:57 PM
Subject: Automatic reply: 617 954 4225 RE Robert Pozen Former executive chairman of MFS Investment Management
To: David Amos <david.raymond.amos333@gmail.com> Thank you for your contacting the constituency office of Sean Fraser, Member of Parliament for Central Nova.
This is an automated reply.
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From: David Amos <david.raymond.amos333@gmail.com>
Date: Mon, Jul 7, 2025 at 1:53 PM
Subject: Fwd: 617 954 4225 RE Robert Pozen Former executive chairman of MFS Investment Management
To: <bobpozen@mit.edu>, fin.minfinance-financemin.fin <fin.minfinance-financemin.fin@canada.ca>, ministryofjustice <ministryofjustice@gov.ab.ca>, justmin <justmin@gov.ns.ca>, Mike.Comeau <Mike.Comeau@gnb.ca>, <CrownAdminOttawa@ontario.ca>, mcu <mcu@justice.gc.ca>, Sean.Fraser <Sean.Fraser@parl.gc.ca>, pm <pm@pm.gc.ca> ---------- Forwarded message ---------
From: David Amos <david.raymond.amos333@gmail.com>
Date: Mon, Jul 7, 2025 at 1:49 PM
Subject: 617 954 4225 RE Robert Pozen Former executive chairman of MFS Investment Management
To: <Leadership@mfs.com>, <kimc714@mit.edu>Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry
Date: Tuesday, November 18, 2003 Time: 10:00 AM
Topic
The Committee will meet in OPEN SESSION to conduct the first in a series of hearings on the “Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry.”Witnesses
Witness Panel 1
- Mr. William H. Donaldson
ChairmanSecurities and Exchange CommissionWitness Panel 2
- Mr. Matthew P. Fink
PresidentInvestment Company Institute- Mr. Marc Lackritz
PresidentSecurities Industry AssociationReview of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry
Date: Thursday, November 20, 2003 Time: 02:00 PM
Topic
The Committee will meet in OPEN SESSION to conduct the second in a series of hearings on the “Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry.”Witnesses
Witness Panel 1
- Mr. Stephen M. Cutler
Director - Division of EnforcementSecurities and Exchange Commission- Mr. Robert Glauber
Chairman and CEONational Association of Securities Dealers- Eliot Spitzer
Attorney GeneralState of New YorkReview of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Understanding the Fund Industry from the Investor’s Perspective
Date: Wednesday, February 25, 2004 Time: 10:00 AM
Topic
The Committee will meet in OPEN SESSION to conduct a hearing on “A Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Understanding the Fund Industry from the Investor’s Perspective.”Witnesses
Witness Panel 1
- Mr. Tim Berry
TreasurerState of Indiana- Honorable Gary Gensler
ChairmanU.S. Commodity Futures Trading Commission- Mr. James K. Glassman
Resident FellowAmerican Enterprise Institute- Mr. Don Phillips
Managing DirectorMorningstar, Inc- Mr. Jim Riepe
Vice Chairman of the Board of DirectorsT. Rowe Price Group, Inc.Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance.
Date: Thursday, February 26, 2004 Time: 02:00 PM
Topic
The Committee will meet in OPEN SESSION to conduct a hearing on “Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance.” Rescheduled from February 3rd.Witnesses
Witness Panel 1
- Mr. Jack Bogle
FounderThe Vanguard Group- Ms. Mellody Hobson
PresidentAriel Capital Management- Mr. David Pottruck
President, Chief Executive Officer and a member of the Board of DirectorsCharles Schwab- Mr. David Ruder
Former ChairmenU.S. Securities and Exchange CommissionReview of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: The Regulatory Landscape
Date: Wednesday, March 10, 2004 Time: 10:00 AM
Topic
The Committee will meet in OPEN SESSION to conduct the sixth in a series of hearings on "A Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: The Regulatory Landscape."Witnesses
Witness Panel 1
- Ms. Lori Richards
Director, Office of Compliance, Inspections, and ExaminationsSecurities and Exchange Commission- Mr. Paul Roye
Director, Division of Investment ManagementSecurities and Exchange Commission- Ms. Mary Schapiro
Vice Chairman of NASD and President of NASD Regulatory Policy & OversightNational Association of Securities Dealers- Honorable David M. Walker
Comptroller General of the United StatesReview of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance
Date: Tuesday, March 23, 2004 Time: 10:00 AM
Topic
The Committee will meet in OPEN SESSION to conduct the sixth in a series of hearings on "A Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance."Witnesses
Witness Panel 1
- Professor Mercer Bullard
Associate Professor of LawUniversity of Mississippi School of Law- Mr. William D Lutz
Professor of EnglishRutgers University- Mr. Robert Pozen
Non-Executive ChairmanMassachusetts Financial Services Co.- Ms. Barbara Roper
Director of Investor ProtectionConsumer Federation of AmericaReview of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Costs and Distribution Practices
Date: Wednesday, March 31, 2004 Time: 02:30 PM
Topic
The Committee will meet in OPEN SESSION to conduct the nineth in a series of hearings reviewing the current investigations and regulatory actions in the mutual fund industry.Witnesses
Witness Panel 1
- Honorable Daniel K. Akaka (D-HI)
United States Senator- Honorable Susan Collins (R-ME)
United States Senator- Honorable Peter Fitzgerald (R-IL)
United States Senator- Honorable Carl Levin (D-MI)
United States SenatorWitness Panel 2
- Mr. Paul G. Haaga, Jr.
Executive Vice President and Director of Capitol Research and Management Company, and Chairman of the Investment Company Institute- Mr. Chet Helck
President and Chief Operating OfficerRaymond James Financial- Mr. Thomas Putnam
Founder and CEOFenimore Asset Management- Mr. Edward Siedle
Founder and PresidentThe Benchmark Companies- Mr. Mark Treanor
General Counsel and Head of Legal DepartmentWachovia CorporationReview of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: The SEC's Perspective
Date: Thursday, April 8, 2004 Time: 10:00 AM
Topic
The Committee will meet in OPEN SESSION to conduct the tenth in a series of hearings regarding a "Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry". This hearing will focus on the views of the Securities and Exchange Commission.Witnesses
Witness Panel 1
- Mr. William H. Donaldson
ChairmanSecurities and Exchange Commission
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S. HRG . 108–711
REVIEW OF CURRENT INVESTIGATIONS
AND REGULATORY ACTIONS REGARDING
THE MUTUAL FUND INDUSTRY
HEARINGS
BEFORE THE
COMMITTEE ON
BANKING, HOUSING, AND URBAN AFFAIRS
UNITED STATES SENATE
ONE HUNDRED EIGHTH CONGRESS
FIRST AND SECOND SESSION
ON
INVESTIGATIONS AND REGULATORY ACTIONS REGARDING THE
MUTUAL FUND INDUSTRY AND INVESTORS’ PROTECTION
NOVEMBER 18, 20, 2003, FEBRUARY 25, 26, MARCH 2, 10, 23, 31, AND
APRIL 8, 2004
Printed for the use of the Committee on Banking, Housing, and Urban Affairs(1)
REVIEW OF CURRENT INVESTIGATIONS
AND REGULATORY ACTIONS REGARDING
THE MUTUAL FUND INDUSTRY
TUESDAY, NOVEMBER 18, 2003
U.S. SENATE,
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS,
Washington, DC.
The Committee met at 10 a.m. in room SD–538 of the Dirksen
Senate Office Building, Senator Richard C. Shelby (Chairman of
the Committee) presiding.
OPENING STATEMENT OF CHAIRMAN RICHARD C. SHELBY
Chairman SHELBY. The hearing shall come to order.
This hearing is part of the Committee’s ongoing oversight of the
mutual fund industry. Today, the Committee will review current
investigations and enforcement proceedings and examine regu-
latory actions taken to date in order to fully inform and guide the
Banking Committee’s consideration of possible legislative reform.
On September 30, 2003, this Committee first examined the scope
of problems confronting the mutual fund industry. At that time,
Chairman Donaldson testified about the SEC’s ongoing enforce-
ment actions and described the SEC’s regulatory blueprint for
adopting new regulations aimed at improving the transparency of
fund operations and stopping abusive trading practices. Since
Chairman Donaldson’s testimony, we have learned that improper
fund trading practices are a widespread problem that fund insiders,
brokers, and privileged clients have profited from at the expense of
average investors.
In early September, New York Attorney General Spitzer uncov-
ered arrangements through which brokers facilitated improper
trades for their clients in certain prominent mutual funds in ex-
change for large, fee generating investments. Since this initial set-
tlement, we have learned the extent to which both intermediaries,
such as brokers, and fund executives have engaged in illicit trading
activities. We have read about the backhanded ways by which the
brokers colluded with their customers to disguise improper trade
orders to make them appear legitimate, thus evading detection by
mutual fund policing systems.
Even in situations where mutual funds attempted to halt im-
proper trading activity, certain brokers created fictitious names
and account numbers to fool fund compliance officers and to con-
tinue trading. Recent investigations have also revealed that mutual
fund executives and portfolio managers have actively engaged in2
improper trading activity. And these allegations are particularly
troubling because fund executives and portfolio managers have
represented themselves as protecting client assets, but they failed
by either knowingly permitting improper trading by brokers or
actively engaging in illegal trading activities themselves.
Such practices may not only violate prospectus disclosures, but
also violate the fiduciary duties that funds owe to their share-
holders—the duties to treat all shareholders equitably and to pro-
tect shareholder interests. Further, regulators have indicated that
they may soon file charges against funds that have selectively
disclosed portfolio information to certain privileged investors and
fund executives that may have engaged in illegal insider trading by
acting on the basis of nonpublic information.
As this Committee made clear during Chairman William H.
Donaldson’s September 30 appearance here, a regulatory response
to improper trading activities is just one of the many actions that
the SEC must take to address the many troubling issues that have
come to light in the mutual fund industry. This Committee remains
concerned with the transparency of fund operations and ensuring
that investors can learn how their fund is being managed. It has
become very, very apparent that many of the questionable fund
practices that are now being examined are not just the result of a
few bad actors, but are longstanding industry practices that have
largely gone unregulated and not well disclosed to, or understood
by, most investors.
Therefore, this Committee must take a comprehensive look, I be-
lieve, at the industry to determine if the industry’s operations and
practices are consistent with investors’ interests and the greater
interests of the market. It may be that we must consider possible
realignment of interests to ensure that mutual funds are operating
as efficiently and fairly as the market and investors demand. We
will examine fund disclosure practices regarding fees, trading costs,
sales commissions, and portfolio holdings. So, we will continue to
question the conflicts of interest surrounding the relationship be-
tween the investment adviser and the fund and how potential
changes to fund governance and disclosure practices may minimize
these conflicts.
We will also focus on fund sales practices to ensure that brokers
sell suitable investments to their clients, provide adequate disclo-
sure of any sales incentives, and give clients any breakpoint dis-
counts to which they are entitled.
Chairman Donaldson has told this Committee that the SEC has
the necessary statutory authority to reform the mutual fund indus-
try and is in the process of conducting a comprehensive rulemak-
ing. As we have learned in other contexts, however, additional reg-
ulation is not the only answer. Late trading is clearly illegal and
market timing is actively deterred and policed. Despite prohibitions
and warnings, these activities continued unabated because of the
inadequate compliance and enforcement regimes at the SEC, the
mutual funds and the brokers. Whether due to a lack of resources
or other pressing priorities, mutual fund abuses simply did not re-
ceive adequate attention from the SEC. Although recent enforce-
ment actions indicate that priorities have changed, we need tounderstand how the SEC will revise compliance programs to detect
and halt future fund abuses.
Vigorous enforcement remains the key to restoring integrity to
the fund industry, and Attorney General Spitzer’s timely actions
once again demonstrate, I believe, the significant role that States
play in prosecuting fraud and abuse in the securities markets. Re-
gardless of the number of rules or amount of resources, it would
be impractical to expect the SEC to detect every single fraud and
manipulation in the fund industry. Therefore, the mutual funds
and the brokerage houses themselves must proactively adopt new
compliance measures to detect fraud and abuse. For many years,
participants in the mutual fund industry maintain industry ‘‘best
practices.’’ These practices, however, have clearly proven to be in-
adequate as brokers and funds have disregarded conflicts of inter-
est and colluded at the expense of investors without detection.
Although funds and brokers owe different types of duties to their
investors, both groups have an obligation to refrain from knowingly
ignoring their clients’ interests and profiting at their expense.
With over 95 million investors and $7 trillion—yes, $7 trillion—
in assets, mutual funds have always been perceived as the safe
investment option for average investors. America has become a Na-
tion of investors, but there is no doubt that recent revelations
about mutual funds have caused very many to question the per-
ceived fairness of the industry. Many are surprised to learn that
the mutual fund industry is plagued by the same conflict that was
at the root of the Enron scandal and the global settlement—one set
of profitable rules for insiders and another costly set for average
investors.
Beyond the legal concepts of fiduciary duties and transparency,
there is a more fundamental principle that should underlie the
operation of the mutual fund industry and our securities markets
in general.
This principle is that securities firms and mutual funds should
not neglect investors’ interests and knowingly profit at their ex-
pense. Until firms can demonstrate an ability to abide by this
ideal, investors will not trust the markets, nor should they. In our
own way, Congress, the SEC and regulators, and industry partici-
pants must collectively work to reform the mutual fund industry in
order to restore investor confidence. I believe, we must reassure in-
vestors that mutual funds are a vehicle in which they can safely
invest their money and not fall victim to financial schemes. The
mutual fund industry is simply too important to too many Ameri-
cans to do otherwise.
Examining the mutual fund industry is a priority for this Com-
mittee, and I look forward to working with my fellow Committee
Members, especially Senators Enzi, Dodd, and Corzine, all of whom
have already expressed significant interest in this issue.
Our first witness today is Chairman Bill Donaldson, and on the
second panel we will hear from Matthew Fink, President of the In-
vestment Company Institute, and Marc Lackritz, President of the
Securities Industry Association.
Now, I will call on my Members.
Senator Sarbanes.Statement of Robert C. Pozen
Chairman
MFS Investment Management
and
Visiting Professor
Harvard Law School
“REVIEW OF CURRENT INVESTIGATIONS AND REGULATORY ACTIONS
REGARDING THE MUTUAL FUND INDUSTRY:
FUND OPERATIONS AND GOVERNANCE”
COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS
UNITED STATES SENATE
March 23, 2004Thank you Chairman Shelby, Ranking Member Sarbanes and other members of the
Committee for this opportunity to present my views on appropriate reforms for the mutual fund
industry.
My name is Robert C. Pozen and I am from Boston, Massachusetts. I am currently
Chairman of MFS Investment Management, which manages approximately $140 billion for
approximately 370 accounts including over 100 mutual funds serving approximately six million
investors. I am also a visiting professor at Harvard Law School and author of the textbook The
Mutual Fund Business (2 ed. Houghton Mifflin 2001).
I commend the Committee for engaging in a deliberative and broad-ranging review of the
operations and regulation of the mutual fund industry. While I welcome questions about any
aspect of the fund industry, I will limit my testimony today to three areas where I believe that MFS is helping to set important new standards for the fund industry:1) maximized shareholder valuethrough fund brokerage;2) individualized reporting of shareholder expenses; and3) structural enhancements for fund governance. We are making changes in these three areas to benefit MFS shareholders and, if followed by the rest of the industry, to benefit all fund shareholders.
I. Reducing Reliance on Soft Dollars
The current system of paying for goods and services with “soft dollars”, taken out of
brokerage commissions, is detrimental to mutual fund shareholders. The use of “soft dollar”
payments makes it virtually impossible for a fund manager to ascertain the true costs of executing trades because execution costs are bundled together with the costs of other goods and services such as research reports and Bloomberg terminals. If these costs were unbundled, then fund managers could pay cash out of their own pockets for independent research or market data, and could negotiate for lower execution prices for fund shareholders.
Currently, if a trader from a mutual fund executes fund trades through a full-service
broker on Wall Street, the trader pays five cents a share for execution plus a broad range of
goods or services from the executing broker or third parties: e.g., securities research, market data and brokerage allocations to promote fund sales. These goods and services are paid in “soft dollars”: that is, they are bundled into the five cents per share charge in a non- transparent
1 of 6manner. If MFS does not accept these ancillary goods or services through “soft dollars”, it will still
be required to pay five cents per share by the full-service broker.
In other words, it is almost impossible to obtain a price discount from a full-service
Wall Street firm for executing a large fund trade. However, that firm is willing to provide an in-kind
discount in the form of soft dollars that can be used to purchase various goods or services. This is
more than a technical pricing oddity. The key point is this: a price discount on the trade (for
example, from five cents to three cents per share) would go directly to the mutual fund and its
shareholders. In-kind services like market data services go directly to the fund management
company and only indirectly to the mutual fund and its shareholders.
MFS has already eliminated the use of “soft dollars” to promote sales of mutual fund
shares. Since January 1, 2004, MFS has been paying cash out of its own pocket to broker-
dealers to promote fund sales. While the SEC has proposed a rule to this effect, MFS has
switched from soft dollars to cash to promote fund sales regardless of whether and when the SEC
adopts its rule.
More dramatically, earlier this month MFS decided to stop using soft dollars to pay for
third-party research1 and market data. Again MFS will pay cash out of its own pocket for these
items. MFS estimates that this decision will cost the management company $10 to $15 million per
year. Yet MFS has agreed not to raise its advisory fees for its funds over the next five years.
Why is MFS willing to take the lead on getting off the addiction to soft dollars and moving to the healthy environment of price discounts?The simple answer is: MFS puts the fund shareholder first. We recognize the need to employ a full-service broker to execute a large block trade (e.g., 500,000 shares in Genzyme); we need their skills and capital to actively work the trade and take up a portion of the trade themselves if necessary. But we want to pay a price in the range of three cents per share for an agency-only trade, though we are willing to pay more for a trade requiring capital to be put at risk by the broker-dealer.
1 We are not stopping the use of “soft dollars” for proprietary research and other services. Only recently has the SEC issued a concept release on accounting for all the elements of a bundled commission. SEC Release IC-26313 (Dec. 19, 2003).
2 of 6The broader answer is that MFS wants to lead the industry to lower and more transparent execution costs. To accomplish this objective, MFS will need support from other asset managers as well as the SEC. Section 28(e) of the Securities Exchange Act provides a safe harbor for asset managers using “soft dollars” for research and brokerage services. Initially, the SEC interpreted this safe harbor narrowly--allowing payment in “soft dollars” only if a good or service or product were not readily available for cash. Several years later, however, the SEC broadened the safe harbor to include any “legitimate” purpose for soft dollars (SEC Exchange Act Release 23170, April 23, 1986). The SEC should move back to its initial narrow interpretation of 28(e) to reduce the reliance on the use of “soft dollars”.
II. Individualized Expense Reporting
MFS will issue an individualized quarterly statement, rather than a general listing of fund expenses in basis points, which will show each fund shareholder a reasonable estimate of his or her actual fund expenses in dollar terms.The MFS design for this individualized quarterly statement is cost effective as a result of one key assumption: that shareholders hold their funds for the whole prior quarter. This assumption is reasonable because over 90% of MFS shareholders fall into this category.
At present, the prospectus of every mutual fund contains an expense table listing the
various categories of fund expenses in basis points. The table might say, for instance:
Advisory Fee 53 bp
Transfer Agency Fee 10 bp
Other Fees 2 bp
12 b-1 Fee 25 bp
Total Expenses 90 bp
In addition, the prospectus of every fund includes a hypothetical example of a $10,000 investment in the fund to show the dollar amount of actual fund expenses paid by such a fund shareholder during the relevant period. The hypothetical example for the mutual fund with the expenses described above, for instance, would show $90 in total fund expenses over the last year.
Nevertheless, some critics have argued that mutual fund investors need customized
expense statements. By that, these critics mean the actual expenses paid by a shareholder in
3 of 6several funds based on his or her precise holding period as well as the fund dividends during that
period. For example, we would have to compute the exact expenses of a shareholder who held
Fund A from January 15 until March 31 without reinvesting fund dividends; another shareholder
who held Fund B for the whole year and reinvested all fund dividends; and yet another
shareholder who held Fund C from February 1 until June 15 as well as from August 22 until
December 11 (during both periods, assuming no record date for fund dividends occurred).
This type of customized expense statement would, in my opinion, involve enormous
computer programming costs. The program would have to track the holdings of every fund
shareholder on a daily basis, take into account whether a fund dividend was reinvested or paid
out to the shareholder, and apply monthly basis point charges to fund balances reflecting monthly
appreciation or depreciation of fund assets. Of course, these large computer costs would
ultimately be passed on to fund shareholders.
At MFS, we will provide every fund shareholder with an estimate of his or her actual
expenses on their quarterly statements.2 We can do this at an affordable cost by making one
reasonable assumption—that the fund holdings of the shareholder at the end of the quarter were
the same throughout the quarter. Although this is a simplifying assumption, it produces a good
estimate of actual fund expenses since most shareholders do not switch funds during a quarter.
Indeed, this assumption will often lead to a slightly higher estimate of individualized expenses
than the actual amount because some shareholders will buy the fund during the quarter and other
shareholders will reinvest fund dividends during the quarter.
In addition, MFS will send its shareholders in every fund’s semi-annual report the
total amount of brokerage commissions paid by the fund during the relevant period as well as the
fund’s average commission rate per share (for example, 4.83 cents per share on average). But
this information on brokerage commissions should be separated from the fund expense table
because all the other items in the table are ordinary expenses expressed in basis points. By
contrast, brokerage commissions are a capital expense added to the tax basis of the securities
held by the fund, and brokerage commissions are expressed in cents per share.
2 These individualized expenses will not include brokerage costs because they are capitalized in the cost of the portfolio
security.
4 of 6II. Enhanced Governance Structure
The mutual fund industry has a unique governance structure: the fund is a separate entity from its external manager. The independent directors of the fund must annually approve the
terms and conditions of the fund’s contract with its external manager. Of course, the independent directors usually reappoint the management company. In an industrial company, how often do the directors throw out the whole management team? But the independent directors of most mutual funds, in my experience, do represent fund shareholders by negotiating for contract terms and monitoring potential conflicts of interest.
At MFS, we believe we have the most advanced form of corporate governance in the
industry. To begin with, over 75% of the board is comprised of independent directors, who elect their own independent chairman. The chairman leads the executive sessions of independent directors, which occur before or after every board meeting. The independent chairman also helps set the board’s agenda for each meeting. A lead independent director could definitely take charge of the executive sessions and a lead director could also help set the board’s agenda. Thus, it
does not matter which title is employed; the key is to insure that a senior independent director
plays these two functions.
In many boards, the independent directors have their own independent counsel, as
the MFS boards do. But the independent directors of the MFS funds are going one step further by
appointing their own compliance officer. This officer will monitor all compliance activities by MFS
as well as supervise the fund’s own activities, and will report regularly to the Compliance
Committee of the Board (which itself is composed solely of independent directors).
On the management company side, MFS is the only company I know of that has a
non-executive chairman reporting to the independent directors of the MFS funds. This is a new
position designed to assure that the management company is fully accountable to the funds’
independent directors.
Finally, MFS as a management company has established the new position of Executive Vice President for Regulatory Affairs, and filled the position with a distinguished industry veteran. In addition, MFS has hired a distinguished law firm partner as its new general
5 of 6counsel. Both will serve on the executive committee of MFS. The new Executive Vice President will be in charge of several regulatory functions—compliance, internal audit and fund treasury.
This high profile position within MFS is more than symbolic; it represents the great significance
given by MFS to these regulatory functions. While these functions are performed in most fund
management companies, it is rare to see the person in charge of these functions having the title of executive vice president and serving on the executive committee of the firm.
Conclusions
In summary, MFS is trying to establish standards of best practices in three important
areas to fund shareholders:1) reduced reliance on “soft dollars”,2) individualized expense reporting, and3) enhanced governance structure. Other management firms are trying to take the lead in setting industry standards in other areas. At the same time, the SEC is in the process of
proposing and adopting a myriad of rules on disclosure requirements and substantive prohibitions or the fund industry—which overlap to a degree with the efforts of the fund management firms.
Because the SEC and the management firms are making such serious efforts to develop
higher behavioral norms for the mutual fund industry, it might be useful for Congress to monitor these efforts before finalizing a bill on mutual fund reforms. These are complex issues that may be better suited to an evolutionary process, led by an expert public agency with the flexibility to address the changing legal and factual environment.
Thank you again for this opportunity to testify on mutual fund reform. I would be pleased
to answer any questions the Chairman or Committee Members might have.6 of 6Robert C. Pozen
- Former president of Fidelity Investments and executive chairman of MFS Investment Management
- Expert who has made hundreds of appearances to companies, television audiences and leaders around the world
- Writer for the New York Times, the Wall Street Journal, the Financial Times, the Harvard Business Review, and more around the globe
Support Staff
Kimberly Crumpton
Get in Touch
- Building E62-483
- bobpozen@mit.edu
- (617) 715-4813
- (617) 258-6855
Who Is Nate the Lawyer? YouTube Star's Emergency Brain Tumour Surgery Sparks Global Frenzy
The internet is in uproar after YouTube legal star Nate the Lawyer revealed he is undergoing emergency surgery to remove a brain tumour, triggering one of the most dramatic viral moments of the year.
His shocking announcement has left millions worldwide asking the same question: who exactly is Nate the Lawyer, and why has his medical crisis captivated the globe so intensely?
The Hospital-Bed Post That Stunned Millions
Nathaniel Broughty, known online as 'Nate the Lawyer', stunned his followers when he posted a haunting hospital-bed selfie on X on Sunday, 16 November.
His message read: 'Going in to get my brain tumour removed. See you on the other side. Thanks for everything.'
The post detonated across social media, drawing more than 14 million views, hundreds of thousands of likes and an avalanche of emotional replies as fans begged him to stay strong. For many, the message felt like a farewell.
One supporter wrote: 'This feels like losing a friend.' Another said: 'Stay with us Nate, you have helped so many of us through dark times.'
Who Is Nate the Lawyer? The Real Attorney Behind the Viral Moment
For those outside the YouTube legal sphere, Nate the Lawyer is not just another commentator. He is a real, fully licensed attorney with a significant legal background. His full name is Nathaniel Broughty.
He graduated from CUNY School of Law in 2016, passed the New York Bar Exam as a Pro Bono Scholar and has been listed in legal directories under his professional name, Nathaniel James Broughty.
Before moving into online commentary, he served as an assistant district attorney and later became a law school instructor. His legal credentials are genuine and extensive, something that distinguishes him from many online personalities in his field.
Online, Broughty has built a massive following through his YouTube channel, where he live-streams legal analysis of high-profile cases.
He is a major figure in the so-called LawTube community, a group of licensed lawyers who discuss real cases in real time and generate substantial engagement from viewers seeking accurate legal insight.
His audience praises him for his clear explanations, sharp commentary and fearless approach to controversial subjects.
A Family Hit by Illness Twice in One Year
Nate's health crisis has hit supporters particularly hard because he faced another battle earlier this year when his wife was diagnosed with early-stage cancer. She underwent surgery followed by treatment, and Nate publicly thanked fans for helping his family through the ordeal.
Now, only months later, the community is returning that support with overwhelming force.
Emergency Surgery in Chicago
According to sources close to the family, the tumour developed suddenly and required immediate surgery. Neurosurgeons at a Chicago hospital, believed to be Rush University Medical Center, performed the operation late on Saturday.
A hospital spokesperson later confirmed that the procedure was completed 'without complications', though recovery from brain tumour surgery can be lengthy and demanding.
A Fighter Known for Exposing Corruption Now Faces His Toughest Battle
Nate rose to national prominence for exposing alleged corruption in Dolton, Illinois, where he live-streamed chaotic city council meetings and challenged public officials directly.
His willingness to confront powerful figures earned him a fiercely loyal following. Fans say that seeing him vulnerable has shaken them deeply.
Media analyst Sarah Kessler commented: 'His message was short and painfully honest. It hit millions because Nate is usually the strong one, the steady voice in chaos. Seeing him like this made the world stop.'
Millions Hold Their Breath
Across TikTok, Reddit, YouTube and X, hashtags such as #PrayForNate and #GetWellNate have been trending for two days straight. Fans are posting artwork, sharing stories of how his videos helped them and creating emotional compilations in his honour.
His signature phrase, 'Evidence matters', is now being shared as a symbol of unity and strength as supporters wait anxiously for further updates.
Updates on his condition will be shared on his account @NateTheLawyer, and donations continue to pour into his verified GoFundMe page.
Millions around the world are hoping for one thing: the safe and speedy recovery of the internet's favourite lawyer.
Alan M. Dershowitz
Felix Frankfurter Professor of Law, Emeritus
Professor Alan M. Dershowitz is Brooklyn native who has been called “the nation’s most peripatetic civil liberties lawyer” and one of its “most distinguished defenders of individual rights,” “the best-known criminal lawyer in the world,” “the top lawyer of last resort,” “America’s most public Jewish defender” and “Israel’s single most visible defender – the Jewish state’s lead attorney in the court of public opinion.” He is the Felix Frankfurter Professor of Law at Harvard Law School. Dershowitz, a graduate of Brooklyn College and Yale Law School, joined the Harvard Law School faculty at age 25 after clerking for Judge David Bazelon and Justice Arthur Goldberg.
He has also published more than 1000 articles in magazines, newspapers, journals and blogs such as The New York Times Magazine, The Washington Post, The Wall Street Journal, The Harvard Law Review, the Yale Law Journal, Huffington Post, Newsmax, Jerusalem Post and Ha’aretz. Professor Dershowitz is the author of 30 fiction and non-fiction works with a worldwide audience, including The New York Times #1 bestseller Chutzpah and five other national bestsellers. His autobiography, Taking the Stand: My Life in the Law, was published in October 2013 by Crown, a division of Random House. Earlier titles include “an exceptional, action packed book,” The Trials of Zion, a novel which has been called “a thought-provoking page turner;” Rights From Wrong; The Case For Israel; The Case For Peace; Blasphemy; Preemption; Finding Jefferson; and Shouting Fire.
In addition to his numerous law review articles and books about criminal and constitutional law, he has written, taught and lectured about history, philosophy, psychology, literature, mathematics, theology, music, sports – and even delicatessens.
His writing has been praised by Truman Capote, Saul Bellow, William Styron, David Mamet, Aharon Appelfeld, A.B. Yehoshua, Elie Wiesel, Richard North Patterson, and Henry Louis Gate, Jr. More than a million of his books—translated in many languages—have been sold worldwide.
In 1983, the Anti-Defamation League of the B’nai B’rith presented him with the William O. Douglas First Amendment Award for his “compassionate eloquent leadership and persistent advocacy in the struggle for civil and human rights.” In presenting the award, Nobel Laureate Elie Wiesel said: “If there had been a few people like Alan Dershowitz during the 1930s and 1940s, the history of European Jewry might have been different.” Professor Dershowitz has been awarded the honorary doctor of laws degree by Yeshiva University, Brooklyn College, Syracuse University, Tel Aviv University, New York City College, Haifa University and several other institutions of learning. He has also been the recipient of numerous academic awards including a Guggenheim Fellowship for his work on human rights, a fellowship at The Center for The Advanced Study of Behavioral Sciences and several Dean’s Awards for his books.
He has been the subject of two New Yorker cartoons, a New York Times crossword puzzle, and a Trivial Pursuit question. A sandwich at Fenway Park has been named after him—pastrami, of course.
He is married to Carolyn Cohen, a PhD psychologist. He has three children, one a film producer, one a lawyer for the Women’s National Basketball Association and one a professional actor. He also has two grandchildren, one a college junior and the other a college freshman.
Recent Publications
- Alan M. Dershowitz & Andrew Stein, What Trump Can Do About 'Sanctuary Cities', Wall St. J. (Dec. 18, 2024).
- Alan M. Dershowitz, I’m Putting Together a Legal Dream Team to Defend Israel, Wall St. J. (Nov. 24, 2024).
- Alan M. Dershowitz, Will I Have to Vote for Donald Trump?, Wall St. J. (Sept. 11, 2024).
- Alan M. Dershowitz & Andrew Stein, Biden Has a 'Very Fine People' Moment; He condemns 'the antisemitic protests,' then mumbles words of equivocation, Wall St. J. (Aug. 20, 2024).
- Alan Dershowitz, The Trump Gag Order Violates Your Freedom of Speech, Wall St. J. (June 21, 2024).


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