Unlike other recent settlement between mutual funds and federal and state regulators, this one had no provision for the future reduction of fees charged to investors.
Liberty Mutual has opposed the settlement.
Cortines could not be reached for comment Wednesday; Graham called the settlement a "mutual decision," adding that, under its terms, he had agreed to limit his public comments.
HAVING forced investment banks and mutual funds into legal settlements, New York state's attorney-general, Eliot Spitzer, has selected his next opponent: the insurance industry.
Cases fronted by unions, pension funds and mutual funds result in settlements that are around one-third larger than those led by small fry, according to a recent report by NERA, a consultancy.One source of their success is the tight leash they keep on their lawyers.
In December, Alliance agreed to pay $250 million in the first settlement by a mutual fund company in connection with the market-timing investigation.
Others have received subpoenas from Mr Spitzer.Like investment banks, with which Mr Spitzer reached a settlement in April, mutual funds have long been known to have potential conflicts of interest.
The largest sum, more than $6 billion, will serve as compensation for investors like pension funds that suffered losses from mortgage securities sold by JPMorgan, Bear Stearns and Washington Mutual, people briefed on the settlement talks said.
There were conditions of confidentiality and "mutual non-disparagement" on the settlement and Seven said it is "entitled to withhold payment for noncompliance" with the terms of the deed.
The proper name of the document that Clifford, at least, signed in October, 2016, is not "Hush Agreement" but "Confidential Settlement Agreement and Mutual Release; Assignment of Copyright and Non-Disparagment [sic] Agreement".
