TLH QSF Fair Fund

FINAL UPDATE: The distribution phase is now completed and monies from payments not negotiated have been transferred to the SEC for transmittal to the United States Treasury. The Distribution Administrator can no longer issue or make payments from the TLH QSF Fair Fund.

ATTENTION: The TLH QSF Fair Fund distribution is closing soon. If you need to have your check reissued, please contact the Administrator on or before March 26, 2024 at 844-292-8016, Monday through Friday, between 9:00 AM and 6:00PM ET. Please cash your original or reissued check before April 29, 2024 otherwise you will forfeit this payment. Monies that are not cashed will be returned to the United States Treasury.

NOTE: Please DO NOT try to negotiate your original or reissued check(s) after April 29, 2024 as the payment will no longer be valid and your banking institution may charge you a fee for presenting a stale dated check. Neither TLH QSF Fair Fund nor the distribution fund Administrator will be responsible for fees that your bank may charge for presenting a check(s) after April 29, 2024.

You may be entitled to receive a payment from the TLH QSF Fair Fund arising out of In the Matter of Betterment LLC (“Betterment”), United States Securities and Exchange Commission (“SEC”) Administrative Proceeding File No. 3-21373. Payments to Affected Advisory Clients are expected to be issued in December 2023.

The settlement primarily covers certain disclosure and operational issues involving automated tax loss harvesting (“TLH”) between January 2016 and April 2019. Pursuant to the settlement, Betterment has deposited funds into a “Fair Fund” to compensate impacted clients for potential tax benefits missed due to the legacy TLH issues.

While Betterment reached a settlement with the SEC, it neither admits nor denies any wrongdoing. It fully cooperated with the SEC’s inquiry and is pleased to have reached a resolution on these issues. The SEC Order acknowledges that Betterment addressed the TLH-related coding and disclosure issues by 2019. In the years since 2019, Betterment has also made significant investments to build and strengthen its compliance program.