Pilgrim Baxter founders settle with SEC for ‘unprecedented’ amount News
Pilgrim Baxter founders settle with SEC for ‘unprecedented’ amount

[JURIST] The SEC announced Wednesday that Gary Pilgrim and Harold Baxter, founders of Pligrim Baxter mutual funds, have agreed to pay $80 million each and be barred from associating with mutual funds in settlement of charges the SEC had brought over market timing abuses. The $160 million payment will be added to the $90 million paid by the Pilgrim Baxter firm in 2003, and ultimately will be distributed to injured investors. Stephen M. Cutler, director of the SEC’s enforcement division, said the fines were “virtually unprecedented for individuals in civil cases”. The Financial Times has more. Read the SEC press release, and settlement order.

THIS DAY @ LAW

Pope Urban II sparks First Crusade

Pope Urban II threw his support behind what would become the First Crusade on November 27, 1095 during the Council of Clairmont. The Pope urged the council's participants to render aid to the Byzantine Empire, which was being attacked by the Seljuks. Pope Urban called for a wide coalition of rich and poor to combat the threat, which eventually resulted in the conquest of much of the Muslim-controlled Levant by the Crusaders and the establishment of the Crusader States. Read Pope Urban's address.  

Catholic Code of Canon Law revised

On November 27, 1983, the revised Code of Canon Law of the Roman Catholic Church went into effect. Learn more about the history of Canon Law from Professor Kenneth Pennington of the Catholic University of America's Columbus School of Law.

Alfred Nobel creates Nobel Prize in his will

On November 27, 1895, Alfred Nobel signed his will, creating the Nobel Prize. Learn more about the history of the Nobel Prize and the Nobel Commission.