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Canary To Pay $10M In Settlement With New Jersey

Law360 (January 19, 2006, 12:00 AM EST) -- Canary Capital Partners LLC, the first hedge fund to be implicated in Eliot Spitzer’s probe of the mutual fund industry, has reached a $10 million settlement with the State of New Jersey, according to state officials.

The defunct Canary, fronted by Edward J. Stern, settled with the state earlier this week, amid allegations that the company had engaged in dubious trading practices, including market timing and late trading, dating back several years.

While market timing, in which short-term trades are made with high frequency, is not...
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