Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:T. Rowe's $190MM Mea Culpa Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, June 03, 2016

T. Rowe's $190MM Mea Culpa

News summary by MFWire's editors

$190 million. That's the cost to T. Rowe Price [profile] mutual fund shareholders of a voting mistake three years ago, and now the Wall Street Journal says that the Baltimore-based, publicly-traded mutual fund shop is figuring out how to make things right with those fund shareholders.

William J. Stromberg
T. Rowe Price
Chief Executive Officer
Liz Hoffman and Sarah Krouse of the WSJ report that, "as early as next week," T. Rowe "is likely to announce" its reimbursement plan for fund shareholders hurt by its accidental "yes" vote on the 2013 Dell buyout deal. T. Rowe fought against the buyout, even voted against it in an earlier vote, yet mistakenly didn't change its default "yes" vote on M&A to a "no" when the Dell deal came up for a second vote.

That mistake disqualified T. Rowe from suing over the deal, and suits by other Dell shareholders resulted in a judge ruling this week that the buyers (Michael Dell himself, and others) "underpaid by $6 billion." And since T. Rowe challenged the deal in 2013, its mutual funds and their shareholders had to wait two years for full payment under the deal.

"We are in the process of reviewing the opinions and considering our options," a T. Rowe spokesman tells the WSJ

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use