In 2004 Knight began to come out from under the cloud of litigation when it reached a settlement with the SEC and NASD, agreeing to pay $79 million in penalties, interests, and trading profits. A whistleblower suit also was settled in 2004 when a NASD-overseen arbitration panel ruled against Stellato, who had maintained that he had been wrongfully fired because he exposed Knight's trading practice. The firm's counterclaims also were dismissed. With the legal issues now behind the firm, Joyce could fully concentrate on growing Knight, which continued to face challenges in a highly competitive and changing marketplace.
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