BISYS Group Inc. issued an announcement yesterday that the Securities and Exchange Commission's investigation into the structure and accounting of its arrangements with certain mutual fund advisers is continuing.

The company, which provides administrative services to financial companies, said it had agreed with certain mutual funds to pay for expenses related to marketing and distribution of fund shares, as well as payments to some advisors, among other payments. BISYS also indicated that it has hired three separate law firms to handle ongoing internal and external investigations into these practices, including its handling of "certain other expenses."

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