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According to NYSE Regulation, the exchange's regulatory arm, Bear Stearns engaged in a pattern of deceptive market timing and late trading of fund shares from 1999 through 2003. The trades were designed to take advantage of the time between the markets' closing and the new share values posted by mutual fund companiesBear Stearns settled the case without admitting or denying the charges. The company will pay $90 million in fines and relinquish $160 million in profits and interest. Bear Stearns had first disclosed the pending settlement and fine in December, and said the settlement will not hurt its earnings.