Summary
Pilgrim Baxter & Associates will cooperate with authorities' investigations into the company's co-founders as part of a $100 million settlement in an improper mutual fund trading case, the New York attorney general's office said Monday.
The company was accused of allowing certain clients to market- time their mutual funds, despite policies to the contrary. Market timing, a type of quick, in-and-out trading, is not illegal but is prohibited by many funds because it tends to skim profits from long- term shareholders. Regulators say funds that allowed selective market-timing committed fraud.See the full content of this document
Extract
Mutual Fund Company ; Will Aid Trading Inquiry
While not admitting any wrongdoing, the Wayne, Pa.-based fund compl...
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