U.S. Bancorp Investments, a dually registered investment adviser and broker-dealer, has agreed to pay $16 million to settle Securities and Exchange Commission charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...