The Securities and Exchange Commission announced Wednesday that a second group out of a total of three groups of Pilgrim Baxter investors will soon receive $73 million. The remuneration is part of a total of $267 million in the Pilgrim Baxter fair fund, set aside to repay 384,000 investors harmed by market timing in the PBHG Funds, for which Pilgrim Baxter was the investment advisor, between June 1998 and December 2001.
The first $125 million was sent to investors in April of this year. The SEC expects the third disbursement to be made before Sept. 30.
To date, the SEC has distributed more than $1.8 billion in fair funds to investors.