On April 28, 2003, SEC Chairman William H. Donaldson announced a global analyst research settlement involving ten firms, with total monetary relief of just under $1.4 billion, including nearly $400 million in disgorgement and over $400 million in civil penalties.
Sources
- Speech by SEC Chairman: Prepared for Delivery at SEC Press Conference Regarding Global Settlement (sec.gov)
- https://www.nasaa.org/7992/ten-of-nations-top-investment-firms-settle-enforcement-actions-involving-conflicts-of-interest-between-research-and-investment-banking/ (nasaa.org)
- https://www.finra.org/rules-guidance/guidance/reports/2003-global-settlement (finra.org)
- https://www.cooley.com/news/insight/2010/modifications-to-global-research-analyst-settlement (cooley.com)
More in World Events
- The U.S. Supreme Court rejected President Donald Trump's attempt to overturn a $5 million jury verdict awarded to writer E. Jean Carroll.
- Abd al-Rahim al-Nashiri was captured in Dubai in mid-October 2002.
- The Supreme Court confirmed that the leaked draft opinion document was authentic.
- Under the 2003 global research settlement, each of the involved firms was required for five years to contract with at least three independent research firms, with an independent consultant given final authority to procure that research.
- The Supreme Court stated that the leaked draft did not represent the final position of any justice on the issues in the case.
- US Treasury securities had over $3 trillion outstanding in direct US government securities in 2002, not including debt issued by federal agencies and government sponsored enterprises.