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Executives of hedge fund Renaissance Technologies LLC will personally pay approximately $7 billion in back taxes and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.
James Simons —the quantitative-investing pioneer who started Renaissance before retiring as the firm’s chairman on Jan. 1—will make an additional “settlement payment” of $670 million, according to the firm. Simons will also pay back taxes related to his gains from the trades in question.
