In the 2003 Wall Street research settlement, defendants were required to pay $894 million in penalties and disgorgement, consisting of $397 million in disgorgement and $497 million in penalties, including Merrill Lynch's earlier $100 million payment connected to its settlement with the states over research-analyst conflicts.
Notes on verification
Confirmed by SEC press release 2003-144 with identical figures, plus corroborating litigation releases and news coverage of Merrill Lynch's prior $100 million settlement.