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NASD fines 15 firms for mutual fund abuse

The National Association of Securities Dealers, the US watchdog, has fined 15 financial services firms $34m (€27.8m) for giving some mutual funds special treatment in exchange for getting their brokerage business.

The arrangements have drawn regulatory scrutiny in the US in recent months as investigators have moved beyond the initial trading abuse scandals by mutual funds. The investigations have rocked the $8 trillion US industry for the last two years.

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