LAWSUITS NEWS & LEGAL INFORMATION
Mutual Fund Shares
Lisle, IL: (Feb-5-08) The United States Securities and Exchange Commission (SEC) and the New York Attorney General brought charges against Ritchie Multi-Strategy Global Trading, Ltd. and Ritchie Capital Management, LLC, alleging that there were discrepancies in the trading in shares of mutual funds by Ritchie Multi-Strategy in the period 2001 through September 2003. The suit was filed following an investigation by the SEC and the New York Attorney General's office into the business practices of the defendants.
The parties reached a settlement agreement in which Ritchie Multi-Strategy Global Trading, Ltd. agreed to pay $30 million of disgorgement and an added $7.44 million in interest that will be distributed to the affected mutual funds. Ritchie Capital Management, LLC agreed to pay a $2.5 million penalty. Company sources stated that neither company admitted or denied the findings set out in the SEC and New York Attorney General's orders, but have agreed to settle, avoiding the costs and risks of protracted litigation. [CENTRE DAILY: TRADING SHARES]
Published on Feb-6-08
The parties reached a settlement agreement in which Ritchie Multi-Strategy Global Trading, Ltd. agreed to pay $30 million of disgorgement and an added $7.44 million in interest that will be distributed to the affected mutual funds. Ritchie Capital Management, LLC agreed to pay a $2.5 million penalty. Company sources stated that neither company admitted or denied the findings set out in the SEC and New York Attorney General's orders, but have agreed to settle, avoiding the costs and risks of protracted litigation. [
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