The trading scandal has put the Canadian fund industry through the ringer in the past year. But Investment Executive columnist James Langton believes that despite the precedent-setting cases and record $200 million in fines and disgorgement (US$166 million), investors have reason to remain dissatisfied.

Although the settlements stated that the eight fund companies charged garnered only $27 million (US$22 million) in revenue from the market timers, Langton charges that what the settlements do not mention is that the institutional investors who placed the trades reaped $300 million (US$248 million) in profit. Further, none of them have been penalized.

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