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Regulation and Compliance > Federal Regulation > SEC

Janus Settles With States, SEC; ING to Pull $5 Billion From Co.

By Staff Writer

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Aug. 18, 2004 — Janus Capital Group (JNS) said it reached final settlements with federal and state regulators related to improper trading in its mutual funds.

Janus said the monetary penalties and other terms of the settlements with Colorado and New York authorities and the Securities and Exchange Commission are “consistent with” those of the preliminary agreements it announced earlier this year.

The company said on April 27 that it agreed to cut fund fees by $125 million over five years and pay $101 million in penalties to settle charges that it let favored clients make frequent trades that hurt other investors.

Separately, the Wall Street Journal reported Wednesday that ING U.S. Financial Services is the institutional client that will withdraw about $5 billion from Janus.

Janus announced late last month that a large institutional client, which it did not identify, planned to withdraw the money. The Journal reported that ING U.S. Financial, a unit of the Dutch financial services group ING Groep ADS (ING), was expected to disclose in a regulatory filing late yesterday that it will drop Janus Aspen funds from ING variable annuities and defined contribution retirement plans.

Cindy Schaus, a spokeswoman for ING, told the Journal that the company was taking the action because of concerns about “investment performance, cash flows, investment talent and ongoing feedback from our customers.”

Contact Bob Keane with questions or comments at: [email protected].

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