Market Timing Claims Settled For Over $300M

Law360, New York (April 26, 2010, 6:37 PM EDT) -- An investment banking subsidiary of Bank of America Corp., defunct hedge fund Canary Capital Partners LLC, defunct investment bank Bear Stearns Cos. Inc. and many other financial institutions have agreed to pay over $300 million to settle shareholder class action, derivative and Employee Retirement Income Security Act allegations that they diluted mutual fund profits through market timing and late trading schemes.

Fourteen separate motions seeking preliminary settlement approval were filed between Wednesday and Friday in the U.S. District Court for the District of Maryland. According to...
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