Securities and Exchange Commission Chairman Harvey L. Pitt, New York Attorney General Eliot Spitzer, North American Securities Administrators Association President Christine Bruenn, NASD Chairman and CEO Robert Glauber, New York Stock Exchange Chairman Dick Grasso, and state securities regulators announced an historic settlement with the nation's top investment firms to resolve issues of conflict of interest at brokerage firms. The settlement decision was published on December 20, 2002.

The total fine was $1.435 billion.

Settlement payments

NAME OF FIRM	RETROSPECTIVE RELIEF ($ millions)	INDEPENDENT RESEARCH ($ millions)	INVESTOR EDUCATION ($ millions)
Bear Stearns & CO. LLC	50	25	5
Credit Suisse First Boston Corp.	150	50	0
Deutsche Bank	50	25	5
Goldman Sachs	50	50	10
J.P. Morgan Chase & CO.	50	25	5
Lehman Brothers, Inc.	50	25	5
Merrill Lynch & CO., Inc.	100*	75	25
Morgan Stanley	50	75	0
Salomon Smith Barney, Inc.	300	75	25
UBS Warburg LLC	50	25	5
Total:	900	450	85

* Payment made in prior settlement of Research Analyst conflicts.

External links

• SEC, NY ATTORNEY GENERAL, NASD, NASAA, NYSE AND STATE REGULATORS ANNOUNCE HISTORIC AGREEMENT TO REFORM INVESTMENT PRACTICES (http://www.oag.state.ny.us/press/2002/dec/dec20b_02.html)
• Citi's New Stance - CFO Magazine - November Issue 2003 - CFO.com (http://www.cfo.com/article.cfm/3010699/7/c_3046601)