On August 21st, the U.S. District Court for the Southern District of New York reluctantly approved Garden City Group's ("GCG") application for fees and expenses as the claims administrator for a $25 million SEC Fair Fund. In doing so, the Court admonished the SEC for its lax oversight of GCG. Among other things, the SEC failed to question or detect an undisclosed 15 percent commission GCG paid to itself. Noting that GCG has been appointed (on the SEC's recommendation) to administer other claims, the Court wondered whether GCG is receiving similar undisclosed fees in those matters too. SEC v. Zurich Financial Services.