Reuters reported that Key revealed the settlement with the NASD in a regulatory filing filed Friday. The company made the settlement offer on February 22 and NASD accepted it this week, the filing said.
Over the past 18 months, in revelations coming chiefly from New York Attorney General Eliot Spitzer, investigators have exposed numerous cases of market-timing by hedge funds and intermediary traders, such as brokerages and pension plan managers that handle most buying and selling of fund shares.
A continuing state/federal fund probe has focused on market timing, late trading and certain fund sales practices.
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