Pax To Pay $500K Over Violating Own Restrictions

Law360, New York (July 31, 2008, 12:00 AM EDT) -- Socially responsible investment organization Pax World Management Corp. has agreed to pay $500,000 to settle charges from the U.S. Securities and Exchange Commission that it violated investing restrictions by purchasing securities in companies that failed environmental or labor standards or derived revenue from alcohol, gambling or contracts with the U.S. Department of Defense.

Without admitting or denying the findings in the order filed by the SEC on Wednesday, Pax World agreed to pay the penalty and cease its alleged violations of securities laws.

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