Here’s A Fun, Market-Crash-Unrelated Disaster Roiling Some Investors

The sound of Leon Cooperman whacking his computer monitor is deafening.
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Something SunGard Data Systems made screwed up, so BNY Mellon’s mutual-fund administration is screwed up, so clients of 800 or so mutual funds are screwed. Who can we sue?

A computer glitch is preventing hundreds of mutual and exchange-traded funds from providing investors with the values of their holdings, complicating trading in some of the most widely held investments….

Fund-research firm Morningstar Inc. said 796 funds were missing their net asset values on Wednesday….

Fund industry attorneys said the real challenges would arrive in the coming weeks, as fund companies and BNY Mellon hash out who is liable if investors traded on false pricing.

If an investor paid a higher net asset value than he should have, for example, some fund companies believe BNY Mellon should pay that difference. BNY Mellon declined to comment about the liability issue.

A New Computer Glitch is Rocking the Mutual Fund Industry [WSJ]