A.G. Edwards Settles Market Timing Suit For $3.86M

Law360, New York (May 3, 2007, 12:00 AM EDT) -- Brokerage A.G. Edwards & Sons will pay $3.86 million to settle allegations that it failed to supervise brokers who engaged in illegal market timing.

The settlement, announced on Wednesday, will bring an end to allegations levied against A.G. Edwards by the U.S. Securities and Exchange Commission. The agreement requires the brokerage to pay $2.36 million in disgorgement and prejudgment interest and $1.5 million in civil penalties.

A.G. Edwards also agreed to hire an independent consultant to determine the effectiveness of recently implemented policies designed to curb...
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