SEC Announces Independent Consultants Under Global Research Analyst Settlement


Washington, D.C., Nov. 14, 2003 — The Securities and Exchange Commission today announced the Independent Consultants who have to date been selected to procure independent research for the ten investment firms in the global research analyst settlement approved by the Honorable William H. Pauley III, United States District Judge for the Southern District of New York, on Oct. 31, 2003.

The Final Judgments require the firms to make payments totaling $432.5 million over five years to fund independent research for investors and call for the selection of Independent Consultants acceptable to the Commission staff, the New York Attorney General, the New York Stock Exchange, the NASD, and the President of NASAA to oversee the procurement of the independent research from independent research providers. The Independent Consultants who have been selected to date are:

Bear, Stearns & Co. Inc.   Michael J. Downey (
CitigroupStanley "Bud" Morten (
C. S. First BostonPatricia Chadwick (
Goldman SachsHenry A. Frantzen (
J. P. Morgan ChaseLaura Unger (
Lehman Brothers Inc.Mark Fichtel (
Merrill LynchBridget Macaskill (
Piper JaffrayThomas Brakke (
UBS WarburgMichael A. Dritz (

Contact: SEC Office of Public Affairs, (202) 942-0020

Last modified: 11/14/2003