The Ontario Securities Commission announced late last week that Franklin-Templeton agreed to pay investors $49.1 million for allowing rapid in-and-out trading in some of its funds by three institutional investors from February 1999 to February 2003, according to The Toronto Star.

Templeton is the last of five Canadian mutual fund companies to have reached a settlement with the OSC over an investigation that began in late 2003, shortly after similar investigations began in the U.S. The OSC said that the penalty, the third-largest among the five fund companies, "is to be distributed to those investors who were affected by the conduct in question."

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