The Securities and Exchange Commission said Monday that 79 investment advisors will return $125 million to clients as part of settled actions for directly or indirectly receiving 12b-1 fees for investments selected for clients without adequate disclosure, including disclosures that were inconsistent with the advisors’ actual practices.

The orders issued Monday are part of the agency’s Share Class Disclosure Initiative, which was launched by the securities regulator’s enforcement division last February to identify and correct ongoing harm in the sale of mutual fund shares by investment advisors.

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