Some mutual fund groups reported selling by their shareholders.
The survey included 3,015 brokerage firms and 310 mutual fund groups.
It was the largest settlement against a mutual fund group.
By contrast, most mutual fund groups offer a diversified package of funds, although investors must meet the minimums for each one.
So are the investment strategies for his $8 billion mutual fund group.
The figures were reported yesterday by the Investment Company Institute, a mutual fund trade group.
A small number of mutual fund groups were also confronted with an overhang.
The mutual fund groups said that their ultimate responsibility was getting the best possible return for shareholders.
Fidelity Investments is one of the largest mutual fund groups in the world.
But the Investment Company Institute, a mutual fund trade group, supported it.