The SEC, NASD, and New York Stock Exchange planned to place approximately $400 million of their share of the 2003 analyst research settlement penalties and disgorgement into a distribution fund for harmed investors.
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://fcic-static.law.stanford.edu/cdn_media/fcic-docs/2003-05-07%20William%20H.%20Donaldson%20Testimony%20Concerning%20Global%20Research%20Analyst%20Settlement.pdf (fcic-static.law.stanford.edu)
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