Wachovia Forks Over $25M In Research Scandal

Law360, New York (July 5, 2006, 12:00 AM EDT) -- Two years after a widespread crackdown on dishonest research analysts, Wachovia Capital Markets LLC has agreed to shell out $25 million to settle state regulators' charges of conflicts of interest between the company's research and investment banking operations.

The North American Securities Administrators Association (NASAA) revealed the agreement on Wednesday, putting to bed a 28-month probe into the North Carolina-based bank.

“A multi-state team of investigators worked long and hard on this investigation, uncovering yet another example of the potential conflicts of interest between research analysts...
To view the full article, register now.