On April 4, 2017, the SEC announced in an administrative proceeding that Credit Suisse Securities (USA) LLC and one of its former investment adviser representatives have agreed "o settle charges that they improperly invested clients in more expensive “Class A” shares of mutual funds rather than less expensive “institutional” shares for which they were eligible." According to the SEC: "Credit Suisse and Sanford Michael Katz breached their fiduciary duties and failed to adequately disclose the conflict of interest created by such investmentsas they enriched themselves at their clients’ expense."

On April 4, 2017, the SEC instituted a settled proceeding against Credit Suisse Securities. According to the SEC: ""Between January 1, 2009 and January 21, 2014, Credit Suisse investment adviser representatives purchased or held Class A mutual fund shares for advisory clients who were eligible to purchase or hold less expensive institutional share classes of the same mutual funds." "Credit Suisse's disclosures did not adequately inform its advisory clients of the conflict of interest presented by its RMs' share class selection practices."

According to the SEC: "The Division of Enforcement ('Division') has requested an extension of time until 12/06/2017 to submit a Proposed Plan of Distribution under Rule 1101(a) of the Commission's Rules on Fair Fund and Disgorgement Plans, 17 CFR § 201.1101(a)."

According to the SEC: "IT IS HEREBY ORDERED that the Division's request for an extension of time until July 6, 2018 to submit a Proposed Plan of Distribution is granted."

According to the SEC: "On April 4, 2017, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order ("Order") against Credit Suisse Securities (USA) LLC ("Credit Suisse"). Simultaneously therewith, the Commission brought a related administrative action against Sanford Michael Katz ("Katz"), for his actions related to the misconduct described in the Order while acting as an investment adviser representative of Credit Suisse."

According to the SEC: "IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the QSF in the above-referenced proceedings."

On July 12, 2018, the SEC gave notice of a Proposed Plan of Distribution (the "Plan") in the matter of Credit Suisse Securities (USA) LLC, stating: "On April 4, 2017, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings against Credit Suisse Securities (USA) LLC ("Credit Suisse"), a dually registered broker-dealer and investment adviser, for breaches of its fiduciary duty, inadequate disclosures, and deficiencies in compliance policies and procedures."

The Division of Enforcement submitted a Proposed Plan of Distribution providing for the distribution of the disgorgement and civil penalties paid by Credit Suisse Securities (USA) LLC ("Credit Suisse") in this action. The SEC stated: "On April 4, 2017, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings against Credit Suisse, a dually registered broker-dealer and investment adviser, for breaches of its fiduciary duty, inadequate disclosures, and deficiencies in compliance policies and procedures."

The Commission stated that: "On April 4, 2017, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings against Credit Suisse Securities (USA) LLC ("Credit Suisse"), a dually registered broker-dealer and investment adviser, for breaches of its fiduciary duty, inadequate disclosures, and deficiencies in compliance policies and procedures. . . . It is hereby ORDERED, pursuant to Rule 1104 of the Commission's Rules on Fair Fund and Disgorgement Plans, that the Plan is approved, and posted simultaneously with this order on the Commission's website at www.sec.gov."

The Commission stated that: "The Division of Enforcement ("Division") has prepared this Plan of Distribution (the "Plan") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans ("Rules"), 17 C.F.R. § 201.1101. As described more specifically below, the Plan provides for the distribution of the disgorgement and civil penalties paid by Credit Suisse Securities (USA) LLC ("Credit Suisse") and Sanford Michael Katz ("Katz") in settlement of the above-captioned administrative proceedings."

On February 1, 2019, the SEC stated: "it is hereby ORDERED, that pursuant to Rule 1101(b)( 6) of the Rules, the Commission staff direct the disbursement $3,531,714.92 from the Fair Fund to UMB Bank, N.A. for distribution by the Fund Administrator to eligible investors in accordance with the Plan of Distribution."

The SEC stated: "A. [Office of Financial Management] shall pay the Fund Administrator's outstanding fees and expenses of $15,000 from the Fair Fund; and B. [Office of Financial Management] is authorized to pay, at the direction of the Assistant Director, any future fees and expenses of the Fund Administrator, so long as the total amount paid to the Fund Administrator, including the invoice to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."

The Commission ordered that: "A. the Fair Fund's remaining funds that are infeasible to return to investors, and any funds returned to the Fair Fund in the future that are infeasible to return to investors, shall be transferred to the U.S. Treasury . . .; B. the Fund Administrator, Boston Financial Data Services, Inc. n/k/a SS&C GIDS, Inc. is discharged; C. the Fund Administrator's bond is canceled; and D. the Fair Fund is terminated."