Defendant Name: City National Rochdale, LLC

Defendant Type: Subsidiary of Public Company

Document Reference: 2022-33

Document Details

Legal Case Name In the Matter of City National Rochdale, LLC
Document Name City National Rochdale to Pay More Than $30Million for Undisclosed Conflicts of Interest
Document Date 03-Mar-2022
Document Format Administrative Proceeding
File Number 3-20789
Allegation Type Investment Advisers/Investment Companies
Document Summary The SEC "announced that registered investment adviser City National Rochdale, LLC (CNR) has agreed to pay more than $30 million to settle charges that its undisclosed conflicts of interest defrauded current and prospective clients. The money CNR pays will be placed into an SEC Fair Fund for distribution to harmed investors."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
"provide notice of the settlement to affected advisory clients"
Fair Funds
Monetary Penalties:

Total Penalty

Individual:     $30,361,803.00 Shared:    

Related Documents:

34-94352 03-Mar-2022 Administrative Proceeding
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
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."