Janus to pay back $31.5 million

DENVER -- Janus Capital Group Inc. said Friday it will pay back $31.5 million gained from questionable mutual fund trading arrangements being investigated by regulators.

Janus said it had not determined whether the money will be given directly to shareholders or placed in funds affected by market timing, a strategy under which investors make quick in-and-out trades.

Market timing isn't illegal but many mutual fund managers say they don't allow it because it may hurt profits for long-term shareholders.

The Denver-based company also announced tighter controls on mutual fund management.