Call it the $3 billion conundrum. The consultants, academics and financial firms working with the SEC and other regulators to determine who should receive the $3 billion-plus collected from the market-timing scandal--and how much--continue to wrestle with the problem, The Baltimore Sun reports.

The key problem is that many of the investors who had money in the funds that were market timed held them in 401(k) accounts through which their trades were consolidated in omnibus accounts. And because these trades date back to the 1990s, many of these people may have since closed their accounts without leaving a forwarding address.

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