EUTERS) SEC settles with firms, ends Nasdaq probe =2
SEC settles with firms, ends Nasdaq probe =2
Without admitting or denying wrongdoing, the 28 firms
agreed to pay $26,302,500 in civil penalties and repay
$791,525.
Among the firms, retail brokerage firm PaineWebber Group
Inc. <PWJ.N> will pay $6.7 million in civil penalties and
repayment of illegal profits. Others included Warburg Dillon
Read, a subsidiary of Union Bank of Switzerland <UBS.S> with
$3.5 million, and investment bank J.P. Morgan & Co. Inc.
<JPM.N> with $1.3 million.
"These settlements effectively bring to a close the
long-standing investigation of the Nasdaq market first begun by
the SEC in 1994," Richard Walker, director of the SEC's
division of enforcement, said in a statement.
The SEC started its probe in 1994 after two Vanderbilt
University professors published a study that alleged market
makers fixed prices on the electronic Nasdaq stock market.
((Washington newsroom, 202 898-8399 Fax: 202 347-3853,
washington.equities.newsroom@reuters.com))
REUTERS
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