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BULLETIN: Securities Firms Agree to Settle Charges Relating to Research Independence Apr 03
Standard & Poors, April 2003
Abstract
NEW YORK (Standard & Poor's) April 29, 2003--Ten securities firms agreed to settle charges brought by the SEC, NASD, the NY State Attorney General, and other state attorneys general, but the companies involved did not admit or deny the allegations brought against them. The charges, which vary from firm to firm, include charges of violations of securities law and of the rules of NASD and the NYSE. The settlements mirror a global agreement in principal announced last December to settle the charges. Written settlement agreements for each firm were disclosed yesterday, after having been approved by regulators. The firms agreeing to the settlement (listed below) will pay fines for which they have allocated reserves. The firms that agreed to pay...
Companies mentioned in this report are: Morgan Stanley,Merrill Lynch & Co. Inc.,Bear Stearns Cos. LLC,U.S. Bancorp ,Lehman Brothers Holdings Inc.,JPMorgan Chase & Co.,Citigroup Inc.,Credit Suisse Group AG,The Goldman Sachs Group Inc.,UBS AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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