The Securities and Exchange Commission began repaying more than 590,000 AIM investors $78 million in a fair funds distribution for the market timing that hurt their returns.

The fair fund includes $50 million in disgorgement and penalties collected from AIM Advisors and AIM Distributors following a case brought in 2004. This also includes $11 million in disgorgement, penalties and interest from Bank of America Capital Management Distributors and Bank of America Securities and $12.4 million in disgorgement, penalties and interest from Bear Stearns.

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