Defendant Name:
City National Rochdale, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Royal Bank of Canada
SIC Code:
6211
CUSIP:
78008710
Document Reference:
34-94352
Document Details
Legal Case Name
In the Matter of City National Rochdale, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to 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
Document Date
03-Mar-2022
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On March 3, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against City National Rochdale, LLC, stating: "This matter concerns breaches of fiduciary duty by registered investment adviser City National Rochdale relating to its use of proprietary mutual funds and share classes that charged some clients higher fees than others."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Notice to Advisory Clients
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$22,013,613.00
Shared:
Civil Penalty
Individual:
$5,500,000.00
Shared:
Pre-Judgment Interest
Individual:
$2,848,191.00
Shared:
Total Penalty
Individual:
$30,361,804.00
Shared: