This is an old revision of this page, as edited by Kuru (talk | contribs) at 22:53, 28 October 2006 (rmv random list of 'background' items; overwhelms the article and would seem to be at least partially copied from the www.creativeinvest.com site, see talk page). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
Revision as of 22:53, 28 October 2006 by Kuru (talk | contribs) (rmv random list of 'background' items; overwhelms the article and would seem to be at least partially copied from the www.creativeinvest.com site, see talk page)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)Template:Wikify-date The Global Settlement was a legal settlement reached between Securities and Exchange Commission Chairman Harvey Pitt, New York Attorney General Eliot Spitzer, North American Securities Administrators Association President Christine Bruenn, NASD , New York Stock Exchange Chairman Richard Grasso, and state securities regulators with the nation's top investment firms to resolve issues of conflict of interest at brokerage firms. According to the SEC, "The 'global settlement' concluded a joint investigation begun in April (2002) by regulators into the undue influence of investment banking interests on securities research 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
- SEC, NY ATTORNEY GENERAL, NASD, NASAA, NYSE AND STATE REGULATORS ANNOUNCE HISTORIC AGREEMENT TO REFORM INVESTMENT PRACTICES
- Citi's New Stance - CFO Magazine - November Issue 2003 - CFO.com
- Partial Revised Transcript from the Global Research Analyst Settlement Fairness Hearing. April 11, 2005. Before Judge William H. Pauley. In the U.S. District Court for the District of New York