The SEC announced that Fred Alger Management and Fred Alger & Co. will pay $40 million to settle charges that the companies allowed market timing and late trading in the Alger Fund, $30 million in disgorgement and $10 million in a penalty. All the funds will be used to compensate investors. See IN THE MATTER OF FRED ALGER MANAGEMENT, INC. AND FRED ALGER & COMPANY,INCORPORATED (01/1/07)
