Eliot Spitzer's office is seeking information from Morningstar about how it decides which funds to recommends to retirement plan sponsors. The Chicago-based company released word of the investigation in a press release Wednesday afternoon.

Joe Mansueto, chairman and chief executive officer of Morningstar, said in the release that the New York attorney general hit the firm with a subpoena on Monday, December 13. The subpoena sought information and documents from the company related to an investigation Spitzer's office is conducting.

"While the request is very broad, it specifically asks for information about the investment consulting services we offer to retirement plan providers, including fund lineup recommendations for retirement plan sponsors," elaborated Mansueto.

He added that Morningstar "will cooperate fully with Mr. Spitzer's office and work diligently to provide his staff with information that will assist them with their investigation."

"We understand the importance of protecting investors' interests, and we have always been committed to managing our business with integrity, openness, and honesty," Mansueto concluded.

Morningstar provides due diligence services for plan sponsors putting together fund lineups for 401(k) plans through a number of plan providers, including New York Life and ING.  

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