Liquidation of Solomon
Salomon SA declared itself ready, pay $ 4 million to resolve claims by the regulatory authorities in 39 states and the District of Columbia arising from its 1991 TREASURY BOND scandal.
Salomon will pay $ 2 million in a new trust fund by federal authorities to state regulation of securities and other $ 2 billion will be divided among local governments, who will each receive $ 50000.
The village is on the basis of information provided by Salomon agreement in May to pay $ 290 million to settle Securities and Exchange Commission filing charges of false bids in Treasury auctions Securities from 1989 to 1991.
The regulatory authorities of State believe that the SEC-Salomon has filed an appeal against their base to terminate Salomon broker-dealer licenses. But she decided instead to establish investor protection federal law on improving trust funds, which are used for future settlements of securities.
Money Fund are used for a “800″ telephone number for consumer complaints for the financing of securities and investigation of fraud, investors education.
The USA did not participate in the settlement Salomon are Alaska, Arizona, California, Connecticut, Florida, Idaho, Ohio, New York, Rhode Island, Virginia and Wisconsin. These countries can deal individually with Salomon.
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