In a regulatory filing released on Wednesday, international investment bank, Bear Stearns announced that it has been contacted by New York Attorney General, Eliot Spitzer as part of an investigation into late trading and market timing practices allowed by mutual funds.
According to reports, the NY firm revealed that it has received a "request for information", and that it is "cooperating fully with these inquiries".
The probe, which concerns improper share trading carried out by a hedge fund acting in consort with four major mutual fund companies, resulted this September in a $40 million settlement being paid by hedge fund, Canary Investment Management LLC. Several other mutual fund companies and investment banks have since been dragged into the fray.
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