$180M Millennium Settlement A Record In Fund Probe

Law360, New York (December 1, 2005, 12:00 AM EST) -- In the largest settlement reached to date in the mutual fund “market timing” scandal, Millennium Hedge Fund and founder Israel Englander have agreed to pay $180 million to put an end to an investigation into a scheme that regulators say netted millions for the company.

Englander will pay $30 million, and Chief Operating Officer Terence Feeney will pay $2 million for allegedly orchestrating market-timed mutual fund trades.

The settlement prohibits Englander, Feeny, and Fred Stone, former Millennium general counsel, from working directly with mutual-fund companies, although...
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