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Fred Alger Agrees to Settle With New York A.G., SEC

Fred Alger Management has reached a tentative settlement agreement with New York Attorney General Eliot Spitzer and the Securities and Exchange Commission for allowing market timing and late trading in its mutual funds. Without admitting or denying liability, the company agreed to reimburse $30 million to fund shareholders, pay a $10 million fee and reduce fees by $1 million a year for five years. The company said it would have no further comment until a final agreement is approved by the SEC and Spitzer's office.

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