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SEC Closes Fairfax Probe On Hedge Funds: Sources

News Gnomes – U.S. securities regulators are closing a long-running investigation into allegations that two well-known hedge funds conspired to spread negative information about Toronto insurer Fairfax Financial, two people familiar with the inquiry said.

The Securities and Exchange Commission recently sent letters to lawyers for hedge fund managers Steven Cohen and James Chanos, advising them that the agency was terminating an investigation that began in fall 2008, two people familiar with the matter said.

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