According to a Wall Street Journal report on Tuesday, Switzerland's second largest bank is to pay $100 million to resolve a US federal investigation over its treatment of initial public offerings (IPOs) during the technology boom.
During the period when the bubble was at its biggest, the securities arm of CSFB reaped more than $700 million in fees for helping new technology companies to float themselves, according to the WSJ. However, there were accusations that favoured investors were given greater opportunities to invest in these hot stock offerings, which quickly led to an 18 month federal investigation.
As well as the $100 million settlement figure, which it is thought will be officially announced by the organisation at the end of this year, the settlement agreement is thought to contain a pledge from CSFB to prevent any future improprieties in stock offerings, the details of which are still being hammered out between the Swiss bank, the Securities and Exchange Commission, and the National Association of Securities Dealers.
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