As part of the 2003 global analyst research settlement, the settling firms committed to purchase independent third-party research for their customers for five years, and an $80 million Investor Education Fund was established to support nationwide investor-education programs.
Notes on verification
Confirmed by SEC official press releases (primary source) and corroborated by multiple independent secondary sources including law firm analyses and Wikipedia summary.
Sources
- Speech by SEC Chairman: Prepared for Delivery at SEC Press Conference Regarding Global Settlement (sec.gov)
- https://www.faegredrinker.com/en/insights/publications/2003/6/the-global-settlement-of-research-conflicts-of-interestback-to-the-future-for-the-research-analyst (faegredrinker.com)
- https://www.cooley.com/news/insight/2010/modifications-to-global-research-analyst-settlement (cooley.com)