The Wall Street Journal
's Fund Track
column Wednesday covered closed-end mutual funds from Nuveen Asset Management
. Nuveen has received letters regarding twenty-six leveraged funds from a law firm on behalf of fund shareholders claiming that the funds' managers and board of directors breached fiduciary duty. The accused parties redeemed auction-rate preferred shares at par value, according to the WSJ.
The second half of the column was devoted to target risk fund regulation. The Employee Benefits Security Administration (EBSA) is scheduled to propose an amendment in August that would give target risk funds QDIA status.
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