Bear Stearns has announced that it has presented an offer of settlement to the Securities and Exchange Commission and the New York Stock Exchange to bring to a close their recent investigations into mutual fund late trading at the firm's clearing services unit. The firm will have to pay $250 million and retain independent consultants to analyze its mutual fund trading and global clearing operations. 

The company said it has set aside enough reserves to cover the restitution and fines, having added another $100 million to its reserves in July.

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