Over the past year, mutual funds have paid more than $2.6 billion in fines, seen nearly two dozen firms implicated, experienced the firing of more than 80 key executives and have had to comply with a multitude of new regulations from the SEC and the NASD.

If the industry thought it could breathe a collective sigh of a relief now that all has been said and done, it has news coming to it, USA Today reports. New York Attorney General Eliot Spitzer promises to bring a host of more cases and the SEC has yet to rule on a number of other key provisions.

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