Deutsche Asset Management Settles Alleged Market Timing Accusations

Deutsche Asset Management (DeAM) confirmed Thursday that it has settled proceedings with the Securities and Exchange Commission (SEC) and New York Attorney General Eliot Spitzer related to alleged improper market timing accusations against Deutsche Asset Management Inc. and Deutsche Investment Management Americas Inc., the investment adviser to many of the DWS Scudder Funds.

Chubb to Discontinue Contingent Commissions to Agents and Brokers

Chubb Corporation announced on Thursday it will discontinue paying contingent commissions on all insurance lines in the United States beginning in 2007 as part of a settlement agreement with the Attorneys General of New York, Connecticut and Illinois that resolves all issues arising out of investigations of property-casualty insurance market illegal bid-rigging practices.

Final Regs Issued Concerning Prohibited ESOP Allocations

The Internal Revenue Service (IRS) and Treasury Department have issued final regulations that provide guidance concerning prohibited allocations and disqualified person requirements under section 409(p) of the Internal Revenue Code for employee stock ownership plans (ESOPs) holding stock of Subchapter S corporations.

DoL Makes 2006 M-1 Form Available

The US Department of Labor’s Employee Benefits Security Administration (EBSA) will make available Thursday the 2006 Form M-1 annual report for multiple employer welfare arrangements (MEWAs).