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KKR to Pay $30M to Settle Misallocating Expenses Charges with SEC

Industries Reuters

Private equity giant Kohlberg Kravis Roberts & Co. will pay nearly $30 million to settle civil charges that it misallocated more than $17 million in expenses and breached its fiduciary duty to clients, U.S. regulators said.

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The settlement marks the most high-profile case brought by the Securities and Exchange Commission to date against a private equity firm over fees and expenses, an area the SEC is actively investigating throughout the industry. (Reporting by Sarah N. Lynch; Editing by Bill Trott)