The SEC, NASD, and New York Stock Exchange planned to place approximately $400 million of their share of the 2003 analyst research settlement penalties and disgorgement into a distribution fund for harmed investors.
Notes on verification
Confirmed by SEC Chairman's Senate testimony and corroborated by NASAA and FINRA sources detailing the 2003 Global Research Analyst Settlement's distribution fund allocations. [tier=silver indep_score=0.833 clusters=3 claim_tier=notable]
Sources
- Speech by SEC Chairman: Prepared for Delivery at SEC Press Conference Regarding Global Settlement (seed:economics_and_business)
- https://www.nasaa.org/7992/ten-of-nations-top-investment-firms-settle-enforcement-actions-involving-conflicts-of-interest-between-research-and-investment-banking/ (corroboration)
- https://www.finra.org/rules-guidance/guidance/reports/2003-global-settlement (corroboration)
- https://fcic-static.law.stanford.edu/cdn_media/fcic-docs/2003-05-07%20William%20H.%20Donaldson%20Testimony%20Concerning%20Global%20Research%20Analyst%20Settlement.pdf (corroboration)