What are the responsibilities of the Independent Distribution Consultant (“IDC”) who developed the Distribution Plan?
Professor Francis E. McGovern was appointed as the IDC for this matter. As the IDC, Professor McGovern was asked to: • Develop a Distribution Plan to distribute Fund monies to shareholders of mutual funds who may have been affected by the market timing activity at issue in this proceeding; • Submit the Distribution Plan for approval by FINRA (on behalf of NYSE Regulation, Inc.); • Ensure that the approved Distribution Plan is implemented within the guidelines set forth in the Plan; • Determine whether any person who disputes their eligibility or appeals the payment they received is entitled to a distribution or review of their payment amount.
