FleetBoston Financial Corp. and Waddell and Reed have disclosed that they have been been subpoenaed by state and federal regulators investigating market timing abuses in mutual funds according to various news sources.

In Fleet’s case, its subsidiaries have been supeaonaed, according to the Seattle Post-Intelligencer. In a quarterly financial statement filed with the SEC, the company said it had received subpoenas and requests for information from the New York attorney general's office, the Massachusetts secretary of state, the SEC and the National Association of Securities Dealers. It also said it is cooperating with these offices.

Waddell and Reed disclosed yesterday that Eliot Spitzer's office and the SEC sent requests for information back in the third quarter according to Reuters and is cooperating as well.  

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