WASHINGTON: Ten of Wall Street’s biggest firms have agreed to pay about US$1.4bil and adopt reforms to resolve allegations that they issued biased ratings on stocks to win investment banking business, US federal and state regulators announced overnight in a bid to shore up investors’ confidence.
The unprecedented industry-wide settlement calling for one of the largest penalties ever levied by securities regulators followed a lengthy investigation by the Securities and Exchange Commission (SEC), New York Attorney-General Eliot Spitzer and other state regulators, and market regulators.
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