The U.S. Securities and Exchange Commission is investigating whether some mutual funds have overstated the value of thinly traded risky municipal bonds at a time when muni-market investors were withdrawing money from muni-bond funds, the Wall Street Journal reported, citing people familiar with the matter.
According to Thomson Reuters (TRI) unit Lipper FMI, from mid-November through last week, muni-bond mutual funds have suffered net outflows of nearly $25 billion.
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