November 15, 2003 |
The SEC said Friday that Citigroup Inc. and eight rival Wall Street firms had selected independent consultants as part of a $1.4-billion settlement over biased stock research. The consultants will obtain analysts' reports from independent research firms that don't offer investment banking or brokerage services, and distribute them to clients. The settlement, approved by a federal judge last month, requires the firms to pay $432.5 million to give their clients independent research.
February 13, 1997 |
The U.S. mutual fund industry estimated that $24 billion poured into stock funds during January, the fourth-largest monthly inflow on record, the Investment Company Institute reported Wednesday. The one-month record was set in January 1996, when the trade group's figures showed $28.9 billion flowed into stock funds. Many of America's biggest fund companies, including Vanguard Group, T. Rowe Price Associates Inc., Janus Capital Corp. and OppenheimerFunds Inc.
March 8, 2007 |
Investors who own 46% of Take-Two Interactive Software Inc. unveiled plans Wednesday to take over its board and oust the chief executive, sending shares of the "Grand Theft Auto" video game maker up by as much as 19%. Take-Two management has been under fire for years for a number of issues, including overstating revenue and problems with stock option grants.
January 14, 1997 |
Investors busily pumped money into U.S. equity mutual funds in the early days of 1997, after slowing their purchases in December amid concern about the market's volatility. Several fund groups, including OppenheimerFunds Inc., Janus Capital Corp. and Charles Schwab & Co., reported Monday that flows so far this month are at or near record rates. For December, the Investment Company Institute estimated that a net $13.5 billion was invested in stock funds, down from $17.11 billion in November.
October 11, 2005 |
NASD said it fined eight brokerages, including U.S. units of Prudential and Lord Abbett & Co., almost $7.8 million for taking kickbacks from mutual funds. Commonwealth Financial Network, Mutual Service Corp., Lincoln Financial Advisors Corp., Lord Abbett Distributor and four Prudential units steered clients into preferred funds in return for payments, NASD said in a statement Monday. In return, the fund firms sent their trading business to the brokerages, the regulator said.
February 3, 1998 |
Most women know more about investing than they did five years ago, according to a securities industry executive. The increase accompanies a rise in investing, said Bridget Macaskill, president and chief executive of OppenheimerFunds Inc., citing statistics based on a survey by her firm that showed as many women as men are buying mutual funds.