The Securities and Exchange Commission
has decided not to pursue its investigation into incorrect mutual fund data published by Morningstar
, the investment research firm said Wednesday.
The SEC's investigation, launched in May 2004, stemmed from a data error published by the Chicago-based firm about Rock Canyon Top Flight Fund. Morningstar had miscalculated the impact of a capital gains distribution the fund made and consequently overstated its performance.
Morningstar said it was informed by SEC officials that they had ended their investigation and the matter is now closed.
"Obviously we’re pleased with the SEC’s decision and are happy to put this matter behind us," said Joe Mansueto, chairman and chief executive of Morningstar, said in a statement.
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