US hedge fund Millennium Partners and Israel Englander, its chief executive, will pay at least $180m (€154m) to settle fraud charges brought against the fund by US regulators.

Eliot Spitzer, New York state attorney general, said Millennium, one of the funds at the centre of the improper trading scandal that has swept the $8 trillion (€6.8 trillion) US mutual fund industry, engaged in elaborate market timing schemes which skimmed tens of millions of dollars in profits from mutual fund investors.