(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.
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