(Bloomberg) -- Blackstone Group will pay almost $39 million to settle claims stemming from a U.S. regulator's industrywide investigation into whether private equity firms put their own interests ahead of investors'.

The sanction resolves allegations that the world's largest private equity manager failed to fully inform investors about fees and business discounts that benefited the firm, the U.S. Securities and Exchange Commission said in a statement Wednesday. The accord includes a $10 million fine, and $28.8 million of disgorgement and interest.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access