Heads are rolling all over the mutual fund industry, as allegations that funds gave special trading privileges to big clients are rattling many of the industry's top firms, and some say this is still just the beginning.

"This could drag on for a very long time," said William Lewittes, head of mutual fund analysis at Value Line, because it could require investigating some 13,000 individual funds. It may also eventually lead directly to funds' boards of directors, he added.

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