It was announced on Tuesday that Janus Capital Group has reached a $225 million settlement agreement with state and federal securities regulators over 10 market timing arrangements, all of which have now ended.
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.
Speaking to the Associated Press with regard to the rebuilding of the company's reputation, Janus spokeswoman Shelley Peterson observed that:
"This (settlement) is a huge step forward for the firm."
In addition to paying out millions of dollars in fines, Janus has announced that it will return the $31.5 million gained as a result of market timing activity to shareholders, in addition to reducing the fees charged to investors by $125 million over the next five years.
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