Janus Capital Group Inc. announced last Wednesday that it has finalized a settlement with the US Securities and Exchange Commission (SEC) regarding market timing activities permitted by the firm.
Although market timing, which involves rapid 'in-and-out' trading activity, is not illegal, Janus had officially forbidden the practice whilst secretly allowing certain privileged clients to skim the profits of long term investors in such a manner.
The $226.2 million settlement will include $50 million paid in restitution to affected investors and $50 million in civil penalties. In addition, the firm has pledged to reduce the fees charged to investors by $125 million over the next five years.
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