Wall Street settlement finalized

Ten Wall Street firms finalized their previously disclosed $1.4 billion settlement related to enforcement actions over conflicts of interest between research and investment banking. Of the $1.4 billion, $487.5 million is for penalties; $387.5 million relates to disgorgement; $432.5 million will go to independent research; and $80 million is earmarked for investor education. In addition to the fines, the firms agreed to terms designed to increase investor confidence in the integrity of their equity research (BioCentury, Dec. 23, 2002). ...