A decade after a crackdown that was supposed to rein in research conflicts at Wall Street banks, the industry’s self-regulator won penalties Thursday from 10 leading banks accused of using their research analysts to drum up investment banking business.
Goldman Sachs & Co., JP Morgan Securities LLC, Citigroup Global Markets Inc. and seven other financial institutions agreed to pay a combined $43.5 million to resolve claims by the Financial Industry Regulatory Authority that they offered favorable research to Toys “R: Us Inc. in order to curry favor with the retailer prior to a planned 2010 public stock offering. The banks neither admitted nor denied the allegations.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
