Global Settlement

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The Global Settlement was a legal settlement reached between Securities and Exchange Commission Chairman Harvey Pitt, New York Attorney General Eliot Spitzer, North American Securities Administrators Association President Christine Bruenn, NASD , New York Stock Exchange Chairman Richard Grasso, and state securities regulators with the nation's top investment firms to resolve issues of conflict of interest at brokerage firms. The settlement decision was published on December 20, 2002.

The total fine was $1.435 billion.

Settlement payments

Name Of Firm Retrospective Relief
($ millions) Independent Research
($ millions) Investor Education
($ millions)
Bear Stearns & CO. LLC 50 25 5
Credit Suisse First Boston Corp. 150 50 0
Deutsche Bank 50 25 5
Goldman Sachs 50 50 10
J.P. Morgan Chase & CO. 50 25 5
Lehman Brothers, Inc. 50 25 5
Merrill Lynch & CO., Inc. 100* 75 25
Morgan Stanley 50 75 0
Salomon Smith Barney, Inc. 300 75 25
UBS Warburg LLC 50 25 5
Total: 900 450 85

Name Of Firm	Retrospective Relief ($ millions)	Independent Research ($ millions)	Investor Education ($ millions)
Bear Stearns & CO. LLC	50	25	5
Credit Suisse First Boston Corp.	150	50	0
Deutsche Bank	50	25	5
Goldman Sachs	50	50	10
J.P. Morgan Chase & CO.	50	25	5
Lehman Brothers, Inc.	50	25	5
Merrill Lynch & CO., Inc.	100*	75	25
Morgan Stanley	50	75	0
Salomon Smith Barney, Inc.	300	75	25
UBS Warburg LLC	50	25	5
Total:	900	450	85

* Payment made in prior settlement of Research Analyst conflicts.

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