Citing the fact that Janus has already earmarked $100 million for investor restitution from its $226 million settlement with SEC and state regulators, a Federal court judge in Baltimore indicated he will allow class-action lawsuits to proceed against the firm - but that they may not result in further payouts.

Dismissing more than six claims against Janus that claimed that the firm defrauded investors by allowing only certain investors to making unfair trades of mutual fund share, U.S. District Judge J. Frederick Motz said shareholders "are entitled to no further recovery" if it turns out that Janus has set aside adequate restitution, Rocky Mountain News reports.

Motz also commented on a related case against Janus' board of directors, writing: "Perhaps with the benefit of hindsight, it may be said that the fund trustees were asleep at the switch and should have been more vigilant in detecting [improper trading]. However, at most, their failure to do so constituted negligence, not the intentional conduct required to hold them liable for their inactions."

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