Hedge Funds

Millennium timing settlement expected to top $100 million


Millennium Partners may wind up paying in excess of $100 million to settle mutual fund timing charges being investigated by the Securities and Exchange Commission and New York State Attorney General Eliot Spitzer.

Reports published this week by Forbes and other publications about an imminent $100 million settlement by Millennium seem to be wrong on both counts.

"It's my understanding that negotiations are continuing, and I would be surprised if it was settled this month," said a source close to the investigation. "What I can say is that the $100 million figure being bandied around, from my perspective, is