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Regulators Subpoena CSFB in Fund Probe

From Bloomberg News

Credit Suisse First Boston said Monday that it had received subpoenas and requests for information from U.S. regulators as part of an industrywide investigation into improper trading in the $7.6-trillion mutual fund industry.

New York-based CSFB received the requests from regulators including New York Atty. Gen. Eliot Spitzer and the Securities and Exchange Commission, according to an SEC filing by its parent, Zurich, Switzerland-based Credit Suisse Group. The investment bank had $324.4 billion under management at the end of March.

The requests are part of “the industrywide investigation relating to the practices of mutual funds and their customers,” the bank said in the filing. “We are cooperating fully with such requests.”

A CSFB spokeswoman declined to comment.

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