Hedge Funds

Millennium investors take small hit on late trading settlement

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Investors in Israel Englander's $5.4 billion Millennium Partners face a very small loss based on the firm's civil settlement with the U.S. Securities and Exchange Commission and New York Attorney General Eliot Spitzer. The settlement resolves charges that the firm engaged in improper, after-hours trading of mutual funds.

The resolution, in which Millennium did not admit nor deny the regulators' allegations, requires the firm, its managers and its investors to repay profits earned though the alleged improper mutual fund trading. Millennium Partners will pay $121.4 million, Millennium Management and Millennium International Management will pay $26.6 million and Englander