Fund Manager Settles Market-Timing Probe For $40M

Law360, New York (June 12, 2006, 12:00 AM EDT) -- In the latest in New York State Attorney General Eliot Spizter’s probe into violations in the mutual fund industry, fund manager Fred Alger Management Inc. has agreed to shell out some $40 million to settle allegations it allowed illegal trading of its mutual fund shares.

Under the terms of the tentative deal, which still needs to receive the final stamp of approval from Spitzer's office and the U.S. Securities and Exchange Commission, the company will pay $30 million to reimburse fund shareholders on top of a...
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