Sept. 8, 2003 — Janus Capital Group Inc. (JNS) said it will reimburse fund shareholders who may have been adversely impacted by the company’s market-timing practices as part of a slew of specific steps to address issues raised by New York Attorney General Eliot Spitzer, who is investigating trading practices in the mutual fund industry.
Among other steps, Janus will hire an outside firm to independently evaluate whether there was any monetary impact to any funds in which Janus permitted market timing.
Janus also will return to shareholders in the affected funds all management and advisory fees it received from these market-timing activities. Janus reports that the total investments by these market timers represented about $150 billion at the end of July.