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Fund Manager Settles Market-Timing Probe For $40M

By Catherine Fredenburgh ( June 12, 2006, 12:00 AM EDT) -- In the latest in New York State Attorney General Eliot Spizter's probe into violations in the mutual fund industry, fund manager Fred Alger Management Inc. has agreed to shell out some $40 million to settle allegations it allowed illegal trading of its mutual fund shares....

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