The historic settlement requires payments of penalties of $487.5 million, disgorgement of $387.5 million, payments of $432.5 million to fund independent research, and payments of $80 million to fund investor education and mandates sweeping structural reforms.

Securities and Exchange Commission Chairman William H. Donaldson, New York Attorney General Eliot Spitzer, North American Securities Administrators Association President Christine Bruenn, NASD Chairman and CEO Robert Glauber, New York Stock Exchange Chairman and CEO Dick Grasso, and state securities regulators announced yesterday that enforcement actions against ten of the nation's top investment firms have been completed, thereby finalizing the global settlement in principle reached and announced by regulators last December. That settlement followed joint investigations by the regulators of allegations of undue influence of investment banking interests on securities research at brokerage firms, and the enforcement actions announced today track the provisions of the December global settlement in principle.

The ten firms against which enforcement actions were announced are Bear Stearns, Credit Suisse First Boston, Goldman Sachs, Lehman Brothers, J.P. Morgan Securities, Merrill Lynch, Morgan Stanley, Citigroup, UBS Warburg and Piper Jaffray

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