The Wall Street Journal is reporting that approximately 50 firms are under pressure to settle civil fraud actions related to steering mutual fund clients into more expensive share classes. In February 2018, the SEC launched a Share Class Initiative and asked firms to voluntarily report instances in which they may have overcharged fund clients in exchange for reduced fines. Several firms have faced charges for steering investors into fund share classes that the SEC and Finra say charged excessive fees. In December, the SEC announced charges against two firms and a CEO for selecting mutual fund share classes inconsistent with disclosures to clients. The firms and the CEO will collectively pay more than $1.8 million, the SEC said. The WSJ report did not name the firms currently being targeted.