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December 2, 2009

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Mutual fund giant settles with regulators

Wednesday, Aug. 18, 2004 | 10:59 a.m.

DENVER -- Janus Capital Group Inc. said today it has finalized a $226.2 million settlement with state and federal regulators over improper trading allegations, part of a scandal sweeping the $7 trillion mutual funds industry.

Janus will pay $100 million to investors -- $50 million in restitution and $50 million in civil penalties -- and reduce the fees it charges investors by $125 million over five years. It will pay an additional $1.2 million to the Colorado attorney general's office for investor education, future enforcement and attorney's fees.

The fund was accused of market timing, a type of rapid, in-and-out trading that can skim profit from long-term fund shareholders.

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