The Ontario Securities Commission has settled for drastically reduced costs from former trader Piergiorgio Donnini.

Last Friday’s OSC Bulletin publishes a settlement agreement between the OSC and Donnini that will see him pay $25,000 towards the costs of the investigation and enforcement hearing held back in 2002. The OSC initially levied more than $186,000 in costs against him.

The case was appealed, first to the Divisional Court and then to the Ontario Court of Appeal. The appellate court upheld the trading ban brought against Donnini, but ordered the costs issue to go back before the commission.

Under the terms of the settlement agreement, published today, but signed in June, Donnini agrees to pay $25,000; and agrees not to rely on the agreement or the settlement discussions, “as the basis for any attack on the commission’s jurisdiction, alleged bias or appearance of bias, alleged unfairness or any other remedies or challenges that may otherwise be available.”