FOR IMMEDIATE RELEASE
Thursday, August 28, 2008
Contact: Laura Egerdal, (573) 526-0949
Contact: Ryan Hobart, (573) 526-4734
Carnahan Announces Over 1.8 Million Dollars Returned to Missouri Investors
JEFFERSON CITY, MO - Missouri Secretary of State Robin Carnahan announced today that over 1.8 million dollars will be distributed to dozens of Missouri investors over the next two weeks. These restitution payments are the result of the Global Research Analyst Settlement cases from 2003-2006.
Previously, some of the investors received partial payment from a federal restitution plan. Today’s payments by the Missouri Securities division will supplement the federal plan. “These investors deserve to have their losses returned to them,” said Carnahan, “I am pleased to announce that Missouri investors who were harmed will be getting money back.”
The Global Research Analyst Settlement stemmed from conflicts of interest between the research analysis and investment banking arms of major investment firms. Some research analysts at these firms were publicly giving stocks “buy” ratings, while privately calling the same stocks poor buys.
In August, Secretary Carnahan also announced a $9 billion dollar settlement with Wachovia Securities over the failed auction rate securities market. The agreement will return money to individual investors by the end of November. “It is my job to protect Missouri investors,” said Carnahan, “I will continue to fight to find solutions for all investors who have been wronged.”
Secretary Carnahan and the Missouri Securities Division worked closely with expert administrators from the Federal Settlement Distribution Plan to determine which investors should receive restitution. For information about the Federal Settlement Distribution Plan or to track ongoing developments with remaining federal distribution funds, visit http://www.globalresearchanalystsettlement.com/.
For more information regarding investments and fraud protection, visit the investor protection website at www.MissouriSafeSavings.com or contact the Investor Protection Hotline at 1-800-721-7996.
-- 30 --To find out more about Missouri’s Secretary of State’s office, visit www.sos.mo.gov
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