Star fund manager Mario Gabelli and the Department of Justice have decided on a settlement, the Wall Street Journal and Reuters have reported. Exact terms of the deal won't be disclosed until a court hearing scheduled for June 29, but sources close to the case say the illustrious head of Gamco Investors will hand over more than $100 million to the government.

In March the Department took over a five-year-old civil fraud suit against Gabelli, which alleged that he and affiliates, notably Lynch Interactive, misled the Federal Communications Commission to win control of cellphone licenses meant for minority and female small business owners. The deal was announced by U.S. Attorney David Kennedy during a hearing in Manhattan U.S. District Court.  

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