Janus Settles for $225 Million

Janus settled with New York Attorney General Eliot Spitzer and Colorado Attorney General Ken Salazar for $225 million Tuesday for having permitted excessive market timing in its funds. The agreement, which was reached in cooperation with the SEC, includes $50 million in restitution, $50 million in civil penalties, $125 million in fee reductions over the next five years and $1 to be held in trust by the Colorado attorney general for investor education and future enforcement.

Following Spitzer’s initial investigation into Janus’s role in market timing by Canary Capital last summer, Salazar began his own investigation in October.