$4M to Arkansas in Wall Street Settlement

April 28, 2003
Posted at: 4:03 p.m. CDT

LITTLE ROCK, Ark. -- Arkansas will receive $4 million under a settlement reached today with Wall Street firms accused of issuing biased stock ratings.

The settlement with regulators will cost the firms almost $1.5 billion. The firms allegedly hoped to attract greater investment-banking business through manipulation

Arkansas Securities Commissioner Michael Johnson says the money will go toward investor education and operations within the state's Securities Department.

The settlement was put forth after an investigation involving the Securities and Exchange Commission, New York Attorney General Eliot Spitzer and other state regulators.

Copyright 2003 Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten, or redistributed.