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Ten Brokerages to Pay Fines Topping $1 Billion

NPR | By Michele Norris,

Jim Zarroli

Published December 20, 2002 at 12:00 AM EST

Ten of Wall Street's top brokerage firms agree to pay fines of about $1.5 billion to settle conflict-of-interest allegations. The firms were accused of misleading investors with bad research, and have agreed to changes in their research divisions. Hear NPR's Jim Zarroli, NPR's Michele Norris and Columbia University law professor John Coffee.