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MetLife Unit Fined in Fund Probe
The NASD jumped into the market-timing scrum Thursday by fining a division of MetLife(MET Quote) $1 million for failing to stop improper trading in some of its mutual funds.
The securities industry self-regulatory organization also ordered Boston-based State Street Research to cough up $500,000 in restitution to the funds that some investors were permitted to make frequent trades in.
State Street is the latest in a long list of mutual fund companies to be accused by securities regulators of permitting improper trading in shares of its funds. ...
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