- On July 28, 2020, the VALIC Financial Advisors, Inc. (“VFA”) settled an enforcement action for breaching its fiduciary duty to its clients in connection with its mutual fund share class selection practices with regard to its receipt of revenue sharing, avoidance of transaction fees, and receipt of compensation pursuant to Rule 12b-1, as well as its duty to seek best execution. [https://www.sec.gov/litigation/admin/2020/34-89407.pdf]