Janus Sets $31.5 Million Repayment to Investors
Janus(JNS Quote) said it would make $31.5 million in "restoration" payments to holders of the mutual funds in which the firm allowed improper trading, while rolling out several other initiatives to prevent future abusive trading.
Janus also said it appointed independent director and former Charles Schwab(SCH Quote) vice chairman Steve Scheid as chairman of Janus, effective Jan. 1. Previously, Janus CEO Mark Whiston was to succeed Landon Rowland as chairman.
Friday's announcement follows Janus' promise to "make whole" all investors who lost money because of its 12 "discretionary arrangements" with market-timers, and it continues Janus' push to restore investor confidence in the wake of the widening industry scandal. On Sept. 3, Janus was one of four fund firms named in New York Attorney General Eliot Spitzer's $40 million settlement with hedge fund Canary Capital Partners over Canary's improper arrangements with the firms. ...
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