Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: Axxel who wrote (9686)	4/18/2002 8:00:56 PM
From: StockDung	of 19428

Merrill Strikes Disclosure Deal With N.Y. Attorney General By TSC Staff 04/18/2002 06:24 PM EDT Merrill Lynch (MER:NYSE - news - commentary - research - analysis) said it will provide additional disclosure in securities research reports under the terms of an agreement the investment bank reached with the New York state attorney general. As a result of the agreement, the state court vacated all of the provisions against the firm in an order issued earlier this month. By April 24, Merrill will have a Web site that will disclose its underwriting and advisory roles during the last 12 months for companies covered in research reports. By June 3, the company will replace the Web site by stating in equity research reports whether it has received, or is entitled to receive, from the covered company any compensation because of its banking services during the prior year. Also by early June, Merrill will state on the first page of equity research reports that investors should assume the company is seeking or will seek investment banking and other business from the covered company. Merrill will also include in equity research reports the percentages of strong buy, buy, neutral and reduce/sell ratings the firm's analysts have on other stocks in the sector to which the covered company belongs. The company said "productive discussions" are continuing with the attorney general's office to resolve any remaining issues. Earlier this month, the New York state attorney general obtained a court order requiring Merrill to disclose conflicts of interest between its research and investment banking businesses after an investigation by the office concluded that the firm's advice was tainted. The alleged conflicts of interest at Merrill were revealed by internal email messages, the attorney general's office said, which showed analysts privately disparaging companies while publicly recommending their stocks.

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