Hedge Funds

Millennium gets involved in performance fee spat


If expenses and who should pay them have become a concern for hedge fund investors recently, it should come as no surprise that how Millennium Partners pays its legal bills for one of its traders' roles in the mutual fund timing scandal has stirred up some controversy among the fund's investors.

On one side are investors who don't feel that they should pony up these fees, which amounted to just a few million dollars last year. The bills followed charges by New York Attorney General Elliot Spitzer in 2003 that former Millennium trader Steven B. Markovitz engaged in illegal