Compliance
Second PBHG Fair Fund Distribution Announced
Yesterday, the Securities and Exchange Commission (SEC) announced the distribution of $73 million to a second group of investors harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001.
Reported by Alison Cooke
This was the second in a series of three disbursements from a Fair Fund to those affected by the market timing in the affected PBHG funds, for which Pilgrim Baxter & Associates, Ltd. was the investment adviser. Ultimately, this group of more than 384,000 account holders will receive $267 million.
The first $125 million Fair Fund distribution to more than 254,000 investors who were harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001 was announced in April (See SEC Announces PBHG Fund Market-Timing Distribution)
The third disbursement will be made to the remaining eligible account holders before Sept. 30, 2007, according to the SEC.
Investors can obtain additional information about the distribution process, including a copy of the Distribution Plan, by visiting http://www.pbafairfundsettlements.com or by calling the Administrator of the Distribution Plan at (800) 920-5408.