US Securities and Exchange Commission said Allianz SE's PIMCO will have to pay US$20 million settlement fee for misleading investors about PIMCO's ETF performance, as well as hire an independent compliance consultant.
The Commission said PIMCO exaggerated the value of ETF, and provided misleading reasons for the ETF's early success. PIMCO also misled investors about the true long-term impact of its odd lot strategy and denied them the opportunity to make fully informed investment decisions about the Total Return ETF.
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