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)
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