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twitterHuge fine likely in trading scandal
Monday, Dec. 15, 2003 | 9:25 a.m.
NEW YORK -- Alliance Capital Management Holding LP may pay $250 million to settle mutual-fund trading abuse allegations, the highest penalty levied against a U.S. money manager by regulators, people familiar with the situation told Bloomberg News.
Alliance, which has said it favored some clients by allowing them to trade mutual-fund shares more often than other customers, also may agree to cut the fees it charges as part of a settlement with New York State Attorney General Eliot Spitzer, said the people, who declined to be identified.
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