The Securities and Exchange Commission is investigating whether 27 mutual fund companies accepted millions of dollars worth of kickbacks from fund administrators looking to secure their business, The Wall Street Journal reports.

The probe is a result of the $21.4 million settlement the SEC reached with BISYS Fund Services last month. Although the company neither admitted to nor denied the charges, the SEC said it paid $230 million in kickbacks between July 1999 and June 2004.

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