Word: settlement
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Zicarelli is one of many burned individuals with a keen interest in the nearly $400 million restitution fund set aside for investors last week as part of the final, $1.4 billion settlement between 10 Wall Street firms and securities regulators. He knows he may recoup only a small part of his loss--even $400 million won't cover collective damages estimated to run in the billions...
...settlement may prove to be a gold mine in another way. The volumes of Wall Street documents released through the historic settlement--including memos and e-mail--contain some evidence highly damaging to the securities firms. These documents could help investors bring their own cases or join class actions. New York attorney general Eliot Spitzer, whose 2002 investigation and settlement with Merrill Lynch have nourished a number of investor suits, has made thousands of pages of documents available on the Web (www.oag.state.ny.us). Investors have several paths to seek restitution...
...little guy' who isn't smart about the nuances may get misled, such is the nature of my business." LEHMAN BROS. ANALYST, in an e-mail to an institutional investor, disclosed as part of an SEC settlement of conflict-of-interest charges against Wall Street firms...
BARRED. SANDY WEILL, 70, CEO of financial giant Citigroup; from dealing directly with his company's research analysts about investment concerns without a company attorney present; by the Securities and Exchange Commission and other regulatory agencies; as part of a global $1.4 billion settlement with 10 Wall Street firms accused of corrupt stock research; in Washington. The severe Citigroup stipulation, which comes on top of fines and sweeping policy changes required of all 10 banks, follows the disclosure, first reported in 1999, of Weill's efforts to persuade Citigroup analyst Jack Grubman to raise his rating of AT&T, where...
...entire Arab country, it is hard for Washington to pretend that it does not have the power to influence decisive change elsewhere in the region. It will have to help foster democracy in Iraq and not embed American puppets in Baghdad. But it will also have to midwife a settlement in the Holy Land that is truly fair to Palestinians as well as Israelis...