Three firms affiliated with PIMCO equity funds agreed to pay $50 million to settle fraud charges related to a market-timing scheme that bilked long-term shareholders.

As part of a settlement with the Securities and Exchange Commission announced last Monday, PIMCO affiliates PA Fund Management (PAFM), PEA Capital and PA Distributors will pay $40 million in penalties and $10 million in restitution. The three PIMCO entities, wholly owned by German insurer Allianz Dresdner Asset Management, were also ordered to beef up their internal compliance and governance systems. The companies neither admitted nor denied any wrongdoing.

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