Monaco-based hedge fund Tyrus Capital has paid Brazil’s financial regulator almost $5m to settle a case of alleged market fraud that dates back to the firm’s first month of business.

The case relates to Tyrus' acquisition of a stake in Brazilian telecoms operator GVT, which became public in November 2009, a stake that later helped French telecommunications group Vivendi take control of GVT. The size of the stake was almost the exact size of the entire Tyrus Capital Event fund, which launched that month.