Violation Tracker Individual Record

Pilgrim Baxter & Associates, Ltd.
June 21, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
securities issuance or trading violation
Violation Description: 

The New York Attorney General announced a $100 million settlement with Pilgrim Baxter to resolve litigation over improper trading and exorbitant fees. The total included $40 million in restitution and disgorgement, $50 million in civil penalties and $10 million in a reduction of fees charged to investors over a five-year period. The restitution and penalty portions were negotiated together with the Securities and Exchange Commission; see the Violation Tracker entry at

Level of Government: 
Action Type: 
agency action
New York Attorney General
Civil or Criminal Case: 
Facility State: 
New York
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.