Brokers' $1bn settlement cleared
Tuesday 10 November 1998
A group of investors had alleged they were cheated by the brokers in trades of stocks listed on Nasdaq exchange. The brokers were alleged to be fixing their prices and discriminating against smaller investors. A deal was arranged last year between the investors in the class action suit and the firms - which include Goldman Sachs, Merrill Lynch and Salomon Smith Barney - to pay the investors $1.03bn. It was approved yesterday by US District Judge Robert Sweet.
The government has already acted to discipline the firms, and most have agreed to improve compliance.
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