Stern's hedge fund, Canary, was accused by Spitzer of "late-day trading," the term for buying mutual fund shares at their closing price(NAV) after the close of U.S. stock market trading at 4:00 p.m. ET, allowing the firm to profit from corporate news released after the closing bell. The law requires mutual-fund trades made after the close to be processed at the next day's share value, to keep late traders from having an advantage over others. "Late-day trading is like being permitted to bet on yesterday's horse races," Spitzer said. "You already know who's going to win." Despite the illegality of these trades, Spitzer alleged, Bank of America gave Canary special software that allowed it to circumvent the rules and make after-hours trades at closing prices, in return for "millions" in fees"(sticky money)