Equinox Fund Management, LLC agreed to refund investors US $5.4 million plus interest and pay a fine of US $400,000 to resolve charges by the Securities and Exchange Commission that from 2004 through March 2011 it overcharged management fees and valued assets in a manner contrary to the methodology disclosed to investors. According to the SEC, during the relevant time, Equinox—an asset management firm that specializes in managed futures—promised to base management fees on net asset value, but in fact assessed fees based on notional trading value (including leverage). Moreover, said the SEC, certain of the firm’s filings with it in 2010 and 2011 misstated the firm’s valuation practices related to certain derivatives. For example, the firm stated that its valuation of certain derivatives was “corroborated by weekly counterparty settlement values” when, in fact, the firm received information during the relevant time evidencing that its valuation was higher than the counterparty’s valuation, claimed the SEC. Equinox did not admit or deny any of the SEC’s findings as part of its settlement. Equinox is registered with the SEC as an investment adviser and as a commodity pool operator with the Commodity Futures Trading Commission.