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U.S. Securities and Exchange Commission

SEC Announces Second of Three Disbursements From $267 Million Pilgrim Baxter Fair Fund


Washington, D.C., June 13, 2007 - The Securities and Exchange Commission today announced the distribution of $73 million to a second group of investors harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001. Pilgrim Baxter & Associates, Ltd. was the investment adviser to the PBHG Funds during this period.

Today's distribution is the second in a series of three disbursements from a Fair Fund that ultimately will provide $267 million to more than 384,000 account holders in the affected PBHG Funds. The first disbursement of $125 million occurred on April 23, 2007. The Commission anticipates that the third disbursement will be made before Sept. 30, 2007, to the remaining eligible account holders.

To date, the SEC has distributed more than $1.8 billion in Fair Funds to investors.

Investors can obtain additional information about the distribution process, including a copy of the Distribution Plan, by visiting http://www.pbafairfundsettlements.com or by calling the Administrator of the Distribution Plan at (800) 920-5408.

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For further information contact:

Daniel M. Hawke, Regional Director
Elaine C. Greenberg, Associate Regional Director
Amy J. Greer, Regional Trial Counsel
Catherine E. Pappas, Senior Trial Counsel
SEC Philadelphia Regional Office
(215) 597-3100

Distribution Plan:

Order Approving the Distribution Plan:

Related Orders Instituting Proceedings:

Additional Documents and Background:



Modified: 06/13/2007