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Violation Tracker Individual Record

Company: Pilgrim Baxter & Associates, Ltd.
Penalty: $100,000,000
Year: 2004
Date: 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 (click here)
Level of Government: state
Action Type: agency action
Agency: New York Attorney General
Civil or Criminal Case: civil
Facility State: New York
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.