The SEC has subpoenaed Morningstar Associates for mutual fund lineup recommendations it offered to 401(k) plan providers,confirmed Morningstar spokeswoman Margaret Cohen. The subpoena is "virtually identical" to another subpoena from the Labor Department in May as part of the two agencies' investigation into its consulting work, Morningstar CEO Joe Mansueto said in a news release. In December, New York Attorney General Eliot Spitzer subpoenaed the firm as part of an investigation focused on its investment consulting work; both the federal and New York state investigations are ongoing. Ms. Cohen said Morningstar is fully cooperating.
John Nester, SEC spokesman, did not return calls by press time seeking comment.