Seven Canadian financial services firms will pay nearly $163 million (C$200) to settle charges that they permitted preferred customers to engage in rapid short-term trading in their funds at the expense of long-term shareholders, Reuters reports.

The Ontario Securities Commission, the nation’s chief regulator, approved a C$156.5 million settlement with the four largest fund managers. Under the terms of the deal, CI Fund Management will pay C$49.3 million, AGF Fund Management will pay C$29.2 million, I.G. Investments will pay C$19.2 million and privately held AIC Ltd. will pay C$58.8 million.

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