CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. CSFB To Pay $100 Million To Settle Stock Probe

CSFB To Pay $100 Million To Settle Stock Probe

by Philip Morton, Investors Offshore.com

12 December 2001


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.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »