It helps to actually win money for your clients: Each dollar increase in the settlement fund yields 21 cents in fees.
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The Pennsylvania Tobacco Settlement Investment Board (TSIB) adopted a resolution this week sponsored by State Rep. Josh Shapiro, D-Montgomery, that would prohibit Tobacco Settlement Investment fund monies from being invested in foreign companies tied to Iran and Sudan.
"I see a lot of money generated from the tobacco settlement being used to fund new investigations, " says Ashley Taylor, a former Virginia deputy attorney general who works for law firm Troutman Sanders in Washington, D.
The financing will be used to repay all claims under the debtor-in-possession post-petition credit facility, pay certain settlement and cure payments and fund ongoing operations.
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The Securities and Exchange Committee described the settlement a "sharp warning" to any fund that would break the law.
The IMF's critics, who are not confined to the anti-globalisation protesters who failed to breach the police cordon in Washington, have been quick to blame the Fund for setting impossible conditions for a settlement with Argentina.
Also within NAAG is something called the "milk fund" (named after a 1989 settlement of a school-milk case), where NAAG keeps money it gets from antitrust settlements.
Another similarity is that the formula used to set the mutual-fund penalties, like that in the Wall Street settlement, has no clear economic basis.
Without admitting or denying the allegations, Kapur and his New York hedge fund firm, ThinkStrategy Capital Management, have reached a settlement with the SEC over the civil charges that will involve a civil monetary penalty.
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This settlement represents a little-known twist on the ways of the mutual fund industry.
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Pension officials, seeking both to avoid public embarrassment related to hiring the rogue manager and a speedy way to recoup fund losses that are difficult to quantify, agree to the settlement offer and confidentiality provision.
In November, financier Steven Rattner agreed as part of a settlement with the SEC over alleged influence-peddling at New York's flagship pension fund to not associate with any investment adviser or broker dealer for two years.
The banks will help fund MasterCard's portion, leaving MasterCard with a responsibility of 12% of the settlement.
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If you are an investor in a municipal bond fund that yields above average returns, you can be sure there are a few tobacco settlement bonds in the mix.
The fund, which is in the process of winding down, neither admitted nor denied wrongdoing in reaching the settlement.
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