Science Fair Project Encyclopedia
Global settlement
Securities and Exchange Commission Chairman Harvey L. Pitt, 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 Dick Grasso, and state securities regulators announced an historic settlement with the nation's top investment firms to resolve issues of conflict of interest at brokerage firms. The settlement decision was published on December 20, 2002.
The total fine was $1.435 billion.
Settlement payments
| Name Of Firm | Retrospective Relief ($ millions) | Independent Research ($ millions) | Investor Education ($ millions) |
|---|---|---|---|
| Bear Stearns & CO. LLC | 50 | 25 | 5 |
| Credit Suisse First Boston Corp. | 150 | 50 | 0 |
| Deutsche Bank | 50 | 25 | 5 |
| Goldman Sachs | 50 | 50 | 10 |
| J.P. Morgan Chase & CO. | 50 | 25 | 5 |
| Lehman Brothers, Inc. | 50 | 25 | 5 |
| Merrill Lynch & CO., Inc. | 100* | 75 | 25 |
| Morgan Stanley | 50 | 75 | 0 |
| Salomon Smith Barney, Inc. | 300 | 75 | 25 |
| UBS Warburg LLC | 50 | 25 | 5 |
| Total: | 900 | 450 | 85 |
* Payment made in prior settlement of Research Analyst conflicts.
External links
10-26-2009 08:16:03
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The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details