F-Squared Trust Loses Suit Over $30 Million Payment to SEC

F-Squared Investments Inc.'s successor trust can’t seek to regain a $30 million settlement payment to the SEC in court because the former Massachusetts advisory firm waived judicial review and a later Supreme Court ruling doesn’t change that, the First Circuit ruled.

In a December 2014 settlement with the Securities and Exchange Commission, F-Squared admitted it marketed one of its investment strategies with inflated performance data in violation of federal securities law, according to the court. It paid $30 million in disgorgement and a $5 million civil penalty, the court said. The company also agreed to waive review of the settlement ...