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WASHINGTON — The SEC said it has distributed more than $103 million to investors who lost money because of mutual fund market timing and late trading involving Banc of America Capital Management LLC and several of its affiliates.

The distribution is the first in a series that will return approximately $375 million to more than 1.5 million harmed investors and more than 525 affected funds as part of the Commission’s 2005 settlement with BACAP, BACAP Distribu-tors LLC, and Banc of America Securities LLC, SEC said on June 18. The firms had been charged with facilitating market timing and late trading in Nations Funds mutual funds and others.

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