Waddell & Reed To Pay $50M In Market-Timing Probe

Law360, New York (July 24, 2006, 12:00 AM EDT) -- Investment firm Waddell & Reed will pay $50 million to settle allegations of market-timing brought by three different financial regulators.

The settlement will bring an end to investigations of the company and its subsidiaries by the U.S. Securities and Exchange Commission, the Attorney General of the State of New York and the Kansas Securities Commissioner.

Under the settlement, Waddell & Reed will pay $50 million to a fund that will be monitored and distributed by an independent supervisor.

The firm will also pay $2 million to...
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