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Wachovia Corp.
A 28-month investigation into the Wachovia Capital Markets division of the North Carolina-based bank company began when New York State Attorney General Eliot Spitzer released e-mails from analysts at Merrill Lynch & Co., in which they denigrated stocks they had endorsed in their research reports. The state securities regulators claimed that Wachovia failed to supervise its employees in connection with potential conflicts and occasionally offered research only on companies that were considered potential clients.
Wachovia Corp. allegedly failed to prevent conflicts of interests for its stock analysts, which could have resulted in biased research. Investigators determined Wachovia's potential conflicts of interest between research analysts and investment banking has potentially undermined investor confidence. Wachovia has agreed to pay $25 million for a research settlement. (Jul-05-06) [HOUSTON CHRONICLE]
Wachovia Corp. allegedly failed to prevent conflicts of interests for its stock analysts, which could have resulted in biased research. Investigators determined Wachovia's potential conflicts of interest between research analysts and investment banking has potentially undermined investor confidence. Wachovia has agreed to pay $25 million for a research settlement. (Jul-05-06) [
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