Deutsche Bank Securities and smaller investment firm, Thomas Weisel Partners last week agreed to pay $87.5 million and $12.5 million respectively to settle allegations that their analysts issued biased stock research in order to win investment banking business for their operations.
This represents the tail end of an industry-wide probe, which last year saw ten of the largest Wall Street firms agreeing to settle 'spinning' and stock research bias allegations.
The $87.5 million agreed upon by Deutsche Bank includes $25 million in civil penalties related to the alleged conflict of interest, $25 million in restitution, $25 million to fund independent securities research, $5 million for investor education, and a $7.5 million fine for failing to turn over internal e-mails in a timely fashion during the investigation.
Although neither Deutsche Bank nor Thomas Weisel Partners has admitted wrongdoing, both firms have agreed to refrain from such violations in the future.
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