Statement of the Commission Regarding Distribution Funds from the Global Settlement


Washington, D.C., May 12, 2003 -- The Securities and Exchange Commission today provided preliminary information, in question and answer format, regarding the Distribution Funds that will be established as a result of the Global Settlement.

As explained more fully in the attached document, the settlement provides that the Commission will recommend to the Court, and the Court will appoint, a Distribution Fund Administrator. This individual will prepare distribution plans that contain the complete and final terms for distribution of funds to investors. Those plans will be subject to the approval of the court. Until that time, the Commission thought it would be helpful to provide investors with preliminary information concerning the Distribution Funds. Because the final terms of distribution will be determined by the Distribution Fund Administrator, some of this information may change. The name of the Fund Administrator has not yet been determined.

Investors need not take any action at this time to be eligible to receive money from the Distribution Funds. Under the terms of the settlement, the firms must provide the Fund Administrator with all documents and information necessary to enable the Fund Administrator to identify those who may be eligible to receive a payment.

See Also:  Questions and Answers Regarding Distribution Funds
Last modified: 5/12/2003