The four Canadian mutual fund companies that recently settled with the Ontario Securities Commission permitted market timing in 54 funds, most of them international funds, The Globe and Mail reports.

Investors Group, CI Fund Management, AGF Management and AIC, which settled with the OSC last month, admitted they permitted 15 unidentified market professionals to earn $300 million in the trades over a five-year period. Market timing, while not illegal, hurts long-term investors as fund managers try to take advantage of price differences in international funds after overseas markets close.

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